Cboe’s BZX Exchange has submitted a formal proposal to list and trade shares of the Invesco Galaxy Solana Exchange Traded Fund (ETF).
This filing targets delivering regulated U.S. market access to Solana (SOL), contrasting with current Securities and Exchange Commission (SEC) delays affecting other crypto ETF applications, particularly those involving staking.
The proposed ETF would track the Lukka Prime Solana Reference Rate, an index price updated every 15 seconds intended to provide accurate SOL pricing.
A significant aspect of the proposal involves the fund’s plan to stake a portion of its underlying SOL holdings. This strategy raises concerns among observers regarding potential validator centralization and market manipulation risks within the Solana network.
The filing arrives as the SEC has postponed decisions on multiple crypto ETFs, including Invesco Galaxy’s own spot Ethereum ETF application, citing the need for further review.
In a parallel proposal, Cboe BZX and NYSE Arca have suggested rule changes to streamline the listing process for certain crypto ETFs, advocating for automatic approval without individual case-by-case SEC reviews.
This Solana ETF filing represents a pivotal step towards expanding regulated crypto product offerings, though potential investors are advised to monitor evolving SEC decisions and the shifting regulatory landscape closely.