Solana ETF: A New Era or Just Another Bubble? 📉

On a fateful July 28, 2025, a proposal was drafted, as if by some unseen hand, to launch the “Invesco Galaxy Solana ETF” under Cboe’s BZX Rule 14.11(e)(4). The fund, a grantor trust with no expiration date, would be as enduring as a Russian winter, yet as mysterious as a Chekhovian character. Invesco Capital Management LLC, its sponsor, would play the role of the weary narrator, guiding this financial tale with a mix of hope and resignation.

Unlike mutual funds or commodity pools, this ETF would be a free spirit, unburdened by the shackles of the Investment Company Act of 1940 or the Commodity Exchange Act. It would glide through the regulatory maze, a ghost in the machine, registered via Form S-1 under the Securities Act of 1933. A modern-day Don Quixote, charging at the windmills of compliance.

Cboe’s filing, with a nod to the SEC’s recent approvals of Bitcoin and Ether ETFs, suggests that even the most cautious of regulators might have a soft spot for crypto. “While those markets lacked ‘significant’ futures volume on CME,” the text reads, “the agency still found sufficient safeguards to approve them.” One might say the SEC is as fickle as a summer breeze, swaying with the tides of market trends.

Invesco’s latest maneuver is but a drop in the ocean of crypto ETFs, yet it marks Solana as the next in line for institutional scrutiny, much like a character in a play awaiting their cue. Will this be the dawn of a new era, or merely another chapter in the eternal dance of speculation? Only time, and a few more emojis, will tell. 🚀💸

2025-07-31 09:10

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