Cboe BZX Seeks Regulatory Nod for Invesco Galaxy's Solana ETF
Main Idea
Cboe BZX has submitted a proposal to the SEC to list shares of the Invesco Galaxy Solana ETF, which would track the Lukka Prime Solana Reference Rate and allow for cash and in-kind share creation and redemption.
Key Points
1. The proposal is a joint venture between Invesco and Galaxy Digital, aiming to list the Solana ETF on major exchanges like Coinbase and Binance.
2. The filing argues that Solana's market characteristics justify approval without a surveillance-sharing agreement with a regulated futures market.
3. The SEC has shown hesitance, delaying decisions on other crypto ETFs, including Invesco Galaxy's Ethereum ETF staking proposal and Grayscale's Solana Trust conversion.
4. Cboe BZX and NYSE Arca have proposed changes to the SEC's approval process for crypto ETFs to align them more closely with traditional financial products.
Description
Cboe BZX filed to list a Solana ETF on Wednesday, advancing a second U.S. staking-enabled fund even as the SEC delays on similar products.
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