# 2025-15621: SEC Eyes Crypto ETF for Solana on Stock Exchange Debut 2025-15621, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing of a Proposed Rule Change To List and Trade Shares of the Invesco Galaxy Solana ETF Under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares, is a Federal Register notice from Securities and Exchange Commission published 2025-08-18, effective Filing date: July 30, 2025; Registration Statement on Form S-1 dated June 25, 2025; Federal Register publication: August 18, 2025.; PRIA reads it as touching household money (as of 2026-06-08). - Canonical: https://policyrisk.com/federal-register/2025-15621 - As of: 2026-06-08 - Plain-text twin of the page above; the HTML and this file carry the same facts. ## Facts - Document number: 2025-15621 - Title: Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing of a Proposed Rule Change To List and Trade Shares of the Invesco Galaxy Solana ETF Under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares - Type: Notice - Agencies: Securities and Exchange Commission - Citation: 90 FR 40124 - Published: 2025-08-18 - Effective: Filing date: July 30, 2025; Registration Statement on Form S-1 dated June 25, 2025; Federal Register publication: August 18, 2025. - Comments close: not stated - Significant: no - Touches household money: yes - Regulation identifier numbers: none - Last updated: 2026-06-08 ## In one line SEC Eyes Crypto ETF for Solana on Stock Exchange Debut ## 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. ## Effects PRIA read - New Solana ETF Proposal Filed: benefit, medium. 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: benefit, medium. 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) wh… - Custody in Segregated Cold Storage: benefit, medium. 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. - Daily NAV and 15-Second IIV Updates: benefit, low. 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 Benchmar… - Trading Halt Rules Tied to Benchmark and NAV: mixed, medium. 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 s… - Creation/Redemption and 100,000 Share Minimum: benefit, low. 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. - Trust Not Registered Under Investment Company Act: cost, medium. 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 commodit… - Risk Disclosures and No Regulated SOL Last-Sale Source: benefit, low. 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 out… ## Related documents - [2026-20466](https://policyrisk.com/federal-register/2026-20466): Adviser and Regulated Fund Custody Rules; Crypto Custody Rules, 2026-10-06 - [2026-19260](https://policyrisk.com/federal-register/2026-19260): Rescission of Rule 14a-8's Federal Regulation of Shareholder Proposals and Amendments to Rule 14a-4, 2026-09-21 - [2026-18424](https://policyrisk.com/federal-register/2026-18424): Political Contributions by Certain Investment Advisers, 2026-09-10 - [2026-18190](https://policyrisk.com/federal-register/2026-18190): Transfer Agent Rules, 2026-09-04 - [2026-17183](https://policyrisk.com/federal-register/2026-17183): Regulation Crypto Assets, 2026-08-21 - [2026-12163](https://policyrisk.com/federal-register/2026-12163): The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS, 2026-06-17 ## Sources - [2025-15621 on federalregister.gov](https://www.federalregister.gov/documents/2025/08/18/2025-15621/self-regulatory-organizations-cboe-bzx-exchange-inc-notice-of-filing-of-a-proposed-rule-change-to) - [2025-15621 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-08-18/pdf/2025-15621.pdf) ## Related - [Previous: 2025-15620, Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediat…](https://policyrisk.com/federal-register/2025-15620) - [Next: 2025-15622, Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immedi…](https://policyrisk.com/federal-register/2025-15622) - [All Federal Register documents](https://policyrisk.com/federal-register) Source: PRIA, https://policyrisk.com/federal-register/2025-15621 (as of 2026-06-08).