New players are added to the Spot SOL stake ETF! Cboe applies to list the Invesco Galaxy Solana ETF, and simultaneously submits the first INJ stake ETF.

Just weeks after the launch of the first Solana stake ETF in the United States, the Cboe BZX exchange has submitted an application to the SEC for the listing of the Invesco Galaxy Solana Spot ETF. This ETF will directly hold SOL tokens and provide built-in staking yields, aiming to offer investors compliant SOL exposure. On the same day, Cboe also submitted an application for the first INJ stake ETF (Canary Staked INJ ETF), marking that U.S. exchanges are accelerating the inclusion of mainstream alts into the ETF product matrix, broadening the pathways for investors seeking compliant staking yields.

( Product Features ) Invesco Galaxy Solana ETF: Spot Holdings + Stake Earnings Dual Engine According to the documents submitted to the U.S. Securities and Exchange Commission (SEC), the Invesco Galaxy Solana ETF plans to list on the Cboe BZX exchange. This ETF is established as a commodity-based trust under BZX Rule 14.11, providing investors with direct exposure to the spot price of Solana.

The ETF will actually hold SOL tokens and stake part of its holdings through trusted providers to earn staking rewards, which will be included in the fund's income. If approved, it will become one of the first spot SOL ETFs in the U.S. market, following closely behind the first SOL ETF supporting staking - REX–Osprey Sol + Staking ETF (SSK).

Similar to SSK, this ETF adopts a grantor trust structure, not subject to the Investment Company Act of 1940, nor is it a commodity pool. It will use the Lukka Prime Solana reference rate for valuation, integrating data from multiple major exchanges every 15 seconds for price updates. The fund's SOL assets will be managed by a third-party custodian through isolated cold wallets, supporting cash and physical subscriptions and redemptions.

( Compliance demonstration ) Cboe proves that the SOL market is resistant to manipulation, benchmarking the logic of Bitcoin and Ethereum ETF Cboe BZX emphasized in its application that Solana has market manipulation-resistant characteristics. Its arguments include that SOL has a global 24/7 trading market, decentralized liquidity, and an average daily trading volume of $2 billion.

The exchange further pointed out that the decentralized design of the SOL Token, the arbitrage mechanism, and the lack of insider information can reduce fraud risk. This application follows the regulatory logic basis established by the approval of the Spot Bitcoin and Ethereum ETFs.

Cboe acknowledged that SOL futures, which were listed on CME in March 2025, have not yet reached the "significant scale" standard. This ETF aims to provide investors with a compliant SOL investment entry that does not require self-custody and mitigates risks from offshore platforms, while also reducing the common tracking errors of over-the-counter crypto products. This move shows that U.S. exchanges are accelerating the compliance process for mainstream altcoins through ETFs. According to CoinMarketCap data, SOL is currently priced at $184.23, down 1.3% in the last 24 hours.

( Product Matrix ) Synchronized Layout INJ Track: The First U.S. INJ Staking ETF Debuts Cboe BZX submitted a listing application for the Canary Staked INJ ETF on the same day. This ETF will directly hold Injective (INJ) Tokens—the governance Token of the Injective network—and will allow the sponsors to stake part of their holdings to earn network rewards (which will be included in the fund's revenue).

The document shows that the ETF aims to track the CoinDesk INJ USD CCIX 60-minute New York exchange rate index. Cboe pointed out that by July 2025, the market capitalization of INJ in the United States has exceeded $1.4 billion. If approved, it will become the first commodity trust ETF based on INJ on a U.S. exchange.

Conclusion: In just a few weeks, Cboe has continuously pushed for the listing applications of SOL and INJ staking-based Spot ETFs, highlighting the accelerated acceptance of high-performance public chain assets in the U.S. compliance market. Invesco Galaxy's entry is expected to create healthy competition with the first-mover product SSK, while INJ, as a newly added asset, expands the asset boundaries of staking ETFs. If the SEC continues its approval logic for Spot Bitcoin and Ethereum ETFs, Solana and Injective may become the next representatives of altcoins benefiting from the expansion of institutional funding access, injecting new vitality into the entire crypto ETF ecosystem.