SEC Eyes Crypto ETF for Solana on Stock Exchange Debut
Published Date: 8/18/2025
Notice
Summary
The Cboe BZX Exchange wants to start listing and trading shares of the new Invesco Galaxy Solana ETF, which focuses on the Solana cryptocurrency. This change affects investors looking for easy access to Solana through a trusted exchange and could open up fresh trading opportunities soon. The proposal was filed in July 2025 and is now open for public comments before it goes live.
Analyzed Economic Effects
8 provisions identified: 6 benefits, 1 costs, 1 mixed.
New Solana ETF Proposal Filed
Cboe BZX filed a proposed rule change on July 30, 2025 to list and trade the Invesco Galaxy Solana ETF. The Trust was formed June 12, 2025 and filed a Form S-1 registration statement dated June 25, 2025; the Shares will not trade until that Registration Statement is effective.
Trust May Stake SOL and Earn Rewards
The Trust may stake all or a portion of its SOL through staking providers and would receive staking rewards for that activity. The Registration Statement says any staking rewards may be treated as income to the Trust, and the Trust will disclaim incidental rights (for example, forks or airdrops) which will not be included in NAV.
Custody in Segregated Cold Storage
A third-party Custodian will hold the Trust's SOL in segregated cold storage addresses separate from the Custodian's other customers and will safeguard the private keys. The Custodian will not withdraw, loan, hypothecate, pledge, or otherwise encumber the Trust's SOL without the Trust's instruction.
Trading Halt Rules Tied to Benchmark and NAV
The Exchange may halt trading in the Shares if the IIV or Benchmark value is not being disseminated as required, and will halt trading no later than the next trading day if the interruption persists. The Exchange will also halt trading if the NAV is not available to all market participants at the same time.
Trust Not Registered Under Investment Company Act
The Registration Statement states the Trust will not be an investment company registered under the Investment Company Act of 1940 and will not be a commodity pool for purposes of the Commodity Exchange Act. The Trust and Sponsor are not subject to regulation as a commodity pool operator or commodity trading adviser in connection with the Shares.
Daily NAV and 15-Second IIV Updates
The Trust will calculate NAV once daily as of 4:00 p.m. ET and will disseminate NAV daily. An Intraday Indicative Value (IIV) per share will be updated every 15 seconds during Regular Trading Hours (9:30 a.m. to 4:00 p.m. ET). The Trust will use the Lukka Prime Solana Reference Rate as its Benchmark.
Creation/Redemption and 100,000 Share Minimum
The Trust will create and redeem Shares in cash or in-kind in Creation Baskets and must have a minimum of 100,000 Shares outstanding at the start of listing. Creation orders must be placed by the close of Regular Trading Hours or another time set by the Sponsor.
Risk Disclosures and No Regulated SOL Last-Sale Source
The Exchange will issue an Information Circular before trading that explains special risks, including that there is no regulated source of last-sale information for SOL and that the Commission has no jurisdiction over SOL trading as a commodity. The Circular will also highlight risks of trading outside Regular Trading Hours.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-12163 — The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373 — Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222 — Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651 — Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-12252 — Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Pearl Options Exchange Fee Schedule To Establish Fees for the Trade-by-Trade Report
MIAX Pearl Options Exchange is adding new fees for their Trade-by-Trade Report starting now. Traders and firms who want this detailed report will pay a monthly subscription or a fee for one-time historical data requests, with discounts if they also buy related reports. This change helps the Exchange cover costs and keeps data access clear and fair.
2026-12259 — Self-Regulatory Organizations; Nasdaq Texas, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Exchange's Options Regulatory Fee (ORF)
Starting July 1, 2026, Nasdaq Texas is raising the fee traders pay when they trade options, called the Options Regulatory Fee (ORF). This change affects anyone trading options on Nasdaq Texas and updates how the fee is described to match other Nasdaq exchanges. The new fee kicks in right after the filing, so traders should get ready for a slightly higher cost soon!
Previous / Next Documents
Previous: 2025-15620 — Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of Proposed Change To Amend Rule 7.37E
NYSE American is updating its rules to let orders be sent to other markets even if those markets aren’t showing special price quotes. This change gives traders more options and control over where their orders go, starting right away. It mainly affects traders using NYSE American’s system and could speed up how orders get filled without extra costs.
Next: 2025-15622 — Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Certain Lead Market-Maker (“LMM”) Incentive Programs by Increasing or Decreasing Quote Width and Size Requirements, and Increasing or Decreasing Rebate Amounts, as Applicable, and To Amend the Fees Schedule To Include Further Clarifying Information Regarding the Operation of Its LMM Incentive Programs
Cboe Exchange is updating its Lead Market-Maker (LMM) incentive programs by tweaking the rules about how tight their quotes must be and how big their trades need to be. They’re also adjusting the money rewards (rebates) LMMs get, either up or down, to keep things fair and competitive. These changes take effect right away and aim to make the market smoother and more efficient for traders.