Invesco files for Solana ETF to tap growing demand for bitcoin alternatives

(Reuters) -Invesco has filed for an exchange-traded fund tied to the spot price of Solana, according to a regulatory filing on Wednesday, as asset managers push to tap opportunities beyond bitcoin.

The crypto industry has surged on a wave of optimism over the past year, helped by the Securities and Exchange Commission's approval of spot bitcoin ETFs and hopes of friendlier regulation under President Donald Trump.

But while bitcoin goes mainstream, companies are now seeking to capitalize on the surging popularity of altcoins — which include all cryptocurrencies other than bitcoin — as investors hunt for the next breakout opportunity.

VanEck and Bitwise are among other asset managers that have filed for Solana ETFs. The SEC could give the green light to a group of Solana ETFs by the end of July at the earliest, according to people familiar with the matter.

A slew of companies seeking to launch Solana ETFs amended their filings with the SEC earlier this month to address the regulator's queries, Reuters reported.

Solana is the sixth biggest crypto token by market value, according to data from CoinMarketCap. Other major altcoins include Ripple's XRP and Binance's BNB.

The Invesco Galaxy Solana ETF will be listed on the Cboe BZX exchange under the symbol "QSOL".

BNY will be the administrator and cash custodian, while Coinbase will hold all of the ETF's Solana, the filing showed.

The fees that Invesco plans to charge for the ETF were not disclosed.

(Reporting by Niket Nishant in Bengaluru and Suzanne McGee in New York; Editing by Alan Barona)