Invesco and Galaxy register Solana ETF trust in Delaware

Investco and Galaxy Digital have recorded a trust in Delaware for a funding project negotiated by Solana, marking one of the introductory steps to launch a fund translated by Solana in the United States.

Registration, listed As “Investco Galaxy Solana Trust”, does not guarantee registration or approval, but allows companies to move forward with regulatory documents.

The mirrors structure Similar trusts Classified by Vaneck, 21Shares, Bitwise and others in recent months, while asset managers are looking to extend the negotiated funds in exchange for crypto beyond Bitcoin and Ethereum.

Delaware statutory trust are commonly used for raw materials and digital material funds. The registration opens the way to a possible S-1 file with the Securities and Exchange Commission and a Submission 19B-4 through a national exchange.

Solana (GROUND) is the fifth largest cryptocurrency by market value. An ETF Spot would give investors direct exposure to the token without managing private portfolios. Current American regulations do not allow ETF Spot for cryptocurrencies other than bitcoin (BTC) and Ethereum (Ethn), which have already been approved.

Other ETF Crypto

Galaxy and Invesco Manage A Spot Bitcoin Etf under the name Btco. Their decision to continue a Solana product is aligned with the growing interest in investment vehicles based in Altcoin. Analysts expect the official Solana ETF deposits to trigger a new series of dry exams later this year.

The dry has not indicated if it will approve these products. The agency has Historically denied ETF Crypto due to concerns about market surveillance and guard. However, recent Bitcoin Spot and Ethereum spot approval has encouraged other transmitters to follow suit.

The next step for Investco and Galaxy would be to submit the ETF request to the dry and to wait for a response during the standard 240 -day examination period.