Invesco Galaxy applies for Solana ETF, and currently, 9 issuers are participating in the bidding.

According to Gate News bot, as reported by CoinTelegraph, currently, 9 asset management companies are considering launching exchange-traded funds (ETFs) tracking Solana, with Invesco being the latest company to join the bidding, as it aims to launch products other than Bitcoin (BTC) and Ethereum (ETH).

In a regulatory filing submitted on Wednesday, Invesco and Galaxy Digital launched the Invesco Galaxy Solana ETF, aimed at tracking the spot price of Solana, which is currently the sixth largest cryptocurrency by market capitalization.

This is the ninth company to apply for registration of a Solana tracking ETF, following companies such as VanEck, Bitwise, and the crypto ETF giant Grayscale participating in the bidding.

After Bitcoin achieved great success, these companies are testing the market’s interest in so-called altcoins and plan to launch them later that year.

The Trump administration’s commitment to easing regulations on cryptocurrencies has sparked optimism in the cryptocurrency industry, leading to a new high in Bitcoin prices and prompting a number of publicly listed companies to collectively raise billions of dollars for long-term investments in Bitcoin.

The S-1 registration statement submitted by Invesco and Galaxy informs the U.S. Securities and Exchange Commission of their plan to issue a security, which indicates that the planned ETF will directly hold Solana—similar to other competing ETFs.

If approved by the regulatory authorities, the ETF will be traded on the Cboe BZX exchange under the ticker symbol “QSOL”.

These companies need to submit a form called 19b-4 to the U.S. Securities and Exchange Commission, documenting rule changes so that the agency can begin considering the approval process for the ETF.