Invesco and Galaxy Expand Access to Solana Through the Invesco Galaxy Solana ETP (QSOL)
Rhea-AI Summary
Invesco (NYSE: IVZ) and Galaxy launched the Invesco Galaxy Solana ETP (QSOL) on Dec 15, 2025, providing regulated, spot-based exposure to Solana (SOL).
QSOL tracks the Lukka Prime Solana Reference Rate, uses Coinbase Custody for institutional storage, and will stake SOL via Galaxy Digital Infrastructure to potentially generate staking rewards paid as income to the trust. QSOL is structured as a grantor trust with cash and in-kind creations/redemptions and will list on the Cboe BZX Exchange.
Positive
- Regulated spot exposure to Solana via ETP structure
- Institutional custody by Coinbase Custody Trust Company
- Independent pricing via Lukka Prime Solana Reference Rate
- Staking potential through Galaxy Digital Infrastructure
- Grantor trust supports cash and in-kind creations/redemptions
- Listed on Cboe BZX for U.S. exchange access
Negative
- None.
Key Figures
Market Reality Check
Peers on Argus
IVZ fell 2.74% with peers also lower: BEN -0.72%, SEIC -1.01%, EQH -1.99%, ARCC -0.48%, TROW -0.21%, suggesting sector-wide pressure alongside the crypto ETP launch.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Dec 09 | Monthly AUM update | Neutral | +2.8% | Reported November AUM of $2,154.3B with mixed flows and market effects. |
| Dec 08 | Strategic partnership | Positive | -1.6% | Announced private-markets partnership with LGT to broaden U.S. access. |
| Dec 03 | Conference participation | Neutral | +3.4% | Management scheduled for fireside chat at Goldman Sachs conference. |
| Dec 03 | Investment outlook | Positive | +0.6% | Released 2026 outlook highlighting global equity and alternative themes. |
| Nov 11 | Monthly AUM update | Positive | +3.3% | October AUM rose 2.0% with strong net long-term and money market inflows. |
Recent IVZ news has mostly seen share price gains following announcements, with only one notable divergence on a positive strategic partnership.
Over the past months, Invesco reported large-scale AUM figures above $2.1 trillion, with both inflows and reclassification effects shaping totals. It announced strategic initiatives, including a private-markets partnership with LGT Capital Partners and participation in the Goldman Sachs 2025 Financial Services Conference, plus a 2026 investment outlook emphasizing global opportunities. Against this backdrop, today’s Solana-focused ETP launch extends Invesco’s product innovation in digital assets alongside its broader asset and capital-management actions.
Market Pulse Summary
This announcement extends Invesco’s digital-asset strategy with a Solana ETP alongside existing bitcoin and ethereum products, highlighting features like spot-price tracking and institutional-grade custody. Recent disclosures showed stronger Q3 2025 financials, including operating revenues of $1.64 billion and diluted EPS of $0.66, plus significant AUM above $2.1 trillion. Investors may watch adoption of QSOL, trends in digital-asset ETP flows, and future regulatory or capital-management updates.
Key Terms
exchange-traded products financial
ETP financial
spot price financial
grantor trust regulatory
custody financial
PIPE financial
AI-generated analysis. Not financial advice.
QSOL becomes the newest product added to Invesco's growing digital assets partnership with Galaxy.
"Our meaningful partnership with Galaxy brings digital native expertise to our growing suite of crypto-linked ETPs," said Kathleen Wrynn, Global Head of Digital Assets at Invesco. "QSOL marks another step forward in Invesco's commitment to innovation and leadership in digital assets. We see ETPs as a key component of our broader strategy, which includes expanding crypto-linked products, advancing asset tokenization and building partnerships across Web3."
Solana's high-performance architecture and low-cost transaction model make it a foundational layer in the evolving digital assets ecosystem. Its scalability and developer-friendly environment have positioned it as a key enabler of Web3 innovation–powering use cases from distributed data networks to AI-integrated applications and beyond. For Invesco and Galaxy, Solana represents a strategic opportunity to broaden access to next-generation blockchain infrastructure through investment vehicles–aligning with both firms' commitment to democratizing digital asset exposure and supporting the future of decentralized technologies.
"Solana is one of the fastest growing and most innovative blockchain networks 1, and we're thrilled to partner with Invesco to introduce QSOL," said Steve Kurz, Global Head of Asset Management at Galaxy. "As one of the largest validators on the Solana network 2, Galaxy brings deep technical and market expertise to this launch. By combining Solana's speed, scalability, and staking potential with the accessibility of an ETP structure, QSOL gives investors straightforward exposure to the network's growth while participating in the broader evolution of digital assets."
QSOL expands Invesco's existing digital assets ETP suite, together with the Invesco Galaxy Bitcoin ETP (BTCO), and the Invesco Galaxy Ethereum ETP (QETH). These three ETPs are supported by the collective experience of Invesco and Galaxy and designed to meet the evolving needs of digital asset investors.
- BTCO stands out as one of the most efficient trackers of the spot price of bitcoin among competitors–with a -
- QETH also complements the digital assets lineup by offering passive exposure to Ethereum (ETH), enabling investors to participate in the Ethereum ecosystem without the complexities of direct crypto ownership.
Supported by Coinbase Custody Trust Company, which holds the fund's SOL in institutional-grade storage, and Lukka Inc., which provides independent pricing data, QSOL is designed to meet institutional standards for custody and valuation. QSOL will stake its SOL holdings through Galaxy Digital Infrastructure, potentially generating staking rewards treated as income to the Trust.
Structured as a grantor trust, QSOL supports both cash and in-kind creations and redemptions at launch. The ETP is engineered to provide regulated, transparent access to Solana, while leveraging Galaxy's operational expertise to enhance liquidity, tracking accuracy, and investor confidence. QSOL will be listed on the Cboe BZX Exchange.
To view the full prospectus for the Invesco Galaxy Solana ETP, please visit this link: Invesco Galaxy Solana ETF
1 Galaxy Research, as of September 2025.
2 Forward Industries (NASDAQ: FORD) closed the largest PIPE raised for a Solana digital asset trading company -
3 Invesco data, as of December 8, 2025.
About Invesco Ltd.
Invesco Ltd. (Ticker NYSE: IVZ) is one of the world's leading asset management firms with over 8,300 employees helping clients in more than 120 countries. With
About Galaxy
Galaxy Digital Inc. (Nasdaq/TSX: GLXY) is a global leader in digital assets and data center infrastructure, delivering solutions that accelerate progress in finance and artificial intelligence. Our digital assets platform offers institutional access to trading, advisory, asset management, staking, self-custody, and tokenization technology. In addition, we develop and operate cutting-edge data center infrastructure to power AI and high-performance computing workloads. Our 800 MW Helios campus in
The Fund is speculative and involves a high degree of risk. An investor may lose all or substantially all of an investment in the Fund. The Fund is not a mutual fund or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and is not subject to regulation thereunder.
Shares in the Fund are not FDIC insured, may lose value and have no bank guarantee.
This material must be accompanied or preceded by a prospectus. Please read the prospectus carefully before investing.
In seeking to track the Underlying Index, the Fund may obtain investment exposure to cryptocurrencies indirectly through exchange-traded products (ETPs) and private vehicles. An investment in these vehicles exposes the Fund to all risks related to digital currencies and those specific to private vehicles and private funds generally, which may include, but are not limited to, liquidity risk, lack of a secondary market to trade securities, management risk, concentration risk and valuation risk. Private funds are generally not registered under the 1940 Act, the Securities Act of 1933, or any state securities laws, therefore investments in such vehicles will not benefit from the protections and restrictions of such laws. To the extent such vehicles are traded, they may trade at a premium or discount to their net asset values. The Fund will indirectly pay a proportional share of the expenses of the private vehicles in which it invests, in addition to the fees and expenses the Fund already will pay to the Adviser. As a result, shareholders will absorb duplicate levels of fees with respect to the Fund's investments in such vehicles.
The Fund currently intends to effect creations and redemptions principally for cash, rather than principally in-kind because of the nature of the Fund's investments. As such, investments in the Fund may be less tax efficient than investments in ETFs that create and redeem in-kind.
The Trust will participate in the proof-of-stake validation mechanism of the Solana network (i.e., the Trust will "stake" its Solana) to earn additional Solana or seek other means of generating income from its Solana holdings.
Solana has historically exhibited high price volatility relative to more traditional asset classes, which may be due to speculation regarding potential future appreciation in value.
The value of the Trust's investments in Solana could decline rapidly, including to zero.
The further development and acceptance of the Solana network, which is part of a new and rapidly changing industry, is subject to a variety of factors that are difficult to evaluate. The slowing, stopping or reversing of the development or acceptance of the network may adversely affect the price of Solana and therefore an investment in the Shares.
Currently, there is relatively limited use of Solana in the retail and commercial marketplace in comparison to relatively extensive use as a store of value, contributing to price volatility that could adversely affect an investment in the Shares.
Regulatory changes or actions may alter the nature of an investment in bitcoin or restrict the use of Solana or the operations of the Solana network or venues on which bitcoin trades. For example, it may become difficult or illegal to acquire, hold, sell or use Solana in one or more countries, which could adversely impact the price of Solana.
In the past, flaws in the source code for Solana have been discovered, including those that resulted in the theft of users' Solana. Several errors and defects have been publicly found and corrected, including those that disabled some functionality for users and exposed users' personal information. Discovery of flaws in or exploitations of the source code that allow malicious actors to take or create money in contravention of known network rules has occurred.
The Trust's returns will not match the performance of Solana because the Trust incurs the Sponsor Fee and may incur other expenses.
The Market Price of shares may reflect a discount or premium to NAV.
The price of Solana may be impacted by the behavior of a small number of influential individuals or companies.
The Solana network and Solana face scaling obstacles that can lead to high fees or slow transaction settlement times, and attempts to increase the volume of transactions may not be effective.
Competition from central bank digital currencies ("CDBCs") and other digital assets could adversely affect the value of Solana and other digital assets.
Prices of Solana may be affected due to stablecoins, the activities of stablecoin users and their regulatory treatment.
A temporary or permanent "fork" in the Solana network could adversely affect an investment in the Shares. A disruption of the internet may affect the use of Solana and subsequently the value of the Shares.
Risks of over or under regulation in the digital asset ecosystem could stifle innovation, which could adversely impact the value of the Shares.
Future regulations may require the Trust and the Sponsor to become registered, which may cause the Trust to liquidate.
The tax treatment of Solana and other digital assets is uncertain and may be adverse, which could adversely affect the value of an investment in the Shares.
The venues through which Solana trades are relatively new and may be more exposed to operations problems or failure than trading venues for other assets.
The Trust is subject to the risks due to its concentration in a single asset.
Solana spot trading venues are not subject to the same regulatory oversight as traditional equity exchanges.
Solana transactions are irrevocable and stolen or incorrectly transferred bitcoin may be irretrievable. As a result, any incorrectly executed bitcoin transactions could adversely affect an investment in the Trust.
Invesco Distributors, Inc. is the US distributor for Invesco's retail products and private placements, and Invesco Capital Management LLC is the investment adviser for ETFs. Both entities are indirect, wholly owned subsidiaries of Invesco Ltd.
The fund is subject to certain other risks. Please see the current prospectus for more information regarding the risks associated with an investment in the fund.
Since ordinary brokerage commissions apply for each buy and sell transaction, frequent trading activity may increase the cost of ETFs.
Invesco does not offer tax advice. Please consult your tax adviser for information regarding your own personal tax situation.
Invesco Distributors, Inc. 12/25 NA5059049
NOT A DEPOSIT l NOT FDIC INSURED l NOT GUARANTEED BY THE BANK | MAY LOSE VALUE | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Contact: Samantha Brandifino, Samantha.brandifino@invesco.com, 332.323.5557
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SOURCE Invesco Ltd.
FAQ
What is QSOL and which ticker does it use?
How does QSOL track Solana spot price and who provides pricing?
Where will QSOL custody its SOL holdings and how are they protected?
Will QSOL generate staking rewards for investors?
How can investors create or redeem QSOL shares?
On which exchange will QSOL trade and which firm sponsors it?
