Overview

• Cboe BZX’s Invesco Galaxy Solana ETF proposal would track the Lukka Prime Solana Reference Rate, permit cash and in-kind share creation, and stake part of its holdings for additional returns.
• 21Shares amended its spot Solana ETF filing to address SEC feedback on in-kind redemptions and specifies that Coinbase Custody Trust will hold its SOL with private insurance coverage.
• Both proposals contend that Solana’s roughly $2 billion in daily trading volume across major exchanges supports approval without a futures market surveillance agreement.
• Komodo Platform CTO Kadan Stadelmann warns that Solana’s proof-of-stake model risks centralization and market manipulation because a few validators control large token stakes.
• The SEC has delayed decisions on the Invesco Galaxy and 21Shares spot Solana ETFs as well as other crypto products, rolling reviews into September and beyond.