Invesco and Galaxy launch staked SOL ETP on Cboe BZX as ETFs post mixed performance

Invesco and Galaxy Digital’s new staked Solana exchange-traded product has gone live under the ticker QSOL and began trading on the Cboe BZX US equities exchange on Monday. 

According to the Invesco website ETP tracker, QSOL debuted with 17,500 SOL held in custody, translating to a market value of $2.19 million as of its launch date. The product carries a total expense ratio of 0.25%, which is among the lower-cost crypto-linked ETPs currently available in the US market.

The ETP tracks Solana’s spot performance using the Lukka Prime Solana Reference Rate, and gives investors exposure to Solana’s spot price while embedding staking rewards directly into the product structure. Lukka, Inc. is the index provider, while Galaxy contributes digital asset infrastructure and staking expertise.

“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. “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.”

Invesco and Galaxy co-launch third ETP

QSOL is the third crypto ETP jointly supported by Invesco and Galaxy, joining the Invesco Galaxy Bitcoin ETP and the Invesco Galaxy Ethereum ETP. The suite is designed to give traditional investors access to major digital assets without direct custody or on-chain interaction.

The Bitcoin product has distinguished itself among peers by closely tracking spot BTC prices, posting a negative 0.73% difference versus spot and a 96% net asset value return since inception. Invesco-Galaxy’s Ethereum ETP, on the other hand, complements the lineup with a passive exposure to Ether.

The launch of QSOL comes as Solana-focused investment products attract renewed interest, even as the broader crypto market is trading within the red. 

ETF netflows go negative on BTC and ETH, Solana and XRP see positives

On the same day QSOL began trading, US-listed crypto ETFs had mixed flows, with BTC and ETH holders suffering the chills of the ongoing winter while Solana and XRP’s institutional enthusiasm continued.

According to Farside Investors’ data, Bitcoin spot ETFs posted roughly $357.69 million in net outflows as of Monday’s close. Fidelity’s fund accounted for the largest share of redemptions at about $230 million, although BlackRock’s IBIT had no inflows or outflows. Additional withdrawals came from Bitwise, ARK Invest, VanEck, and Grayscale products totaling $127.5 million.

Ethereum spot ETFs also saw sustained selling pressure, with approximately $224.78 million exiting the category during the session. BlackRock led the outflows after unloading $139.09 million worth of ether-linked exposure. 

Despite the heavy selling in Bitcoin and Ether, Solana-linked ETFs moved in the opposite direction. Spot Solana products collectively recorded net inflows of $35.2 million on the day, according to aggregated flow data from SoSoValue. 

Several issuers posted gains, with Fidelity’s Solana fund adding more than $38 million, 21Shares counting $250K, Grayscale’s GSOL recording $822K, but Bitwise took away over $4 million from the positives.

US spot XRP funds logged their 19th consecutive day of inflows by adding approximately $10.89 million. The streak has lifted cumulative inflows to $1 billion and pushed total assets under management to $1.18 billion. That figure leaves XRP ETFs less than $500 million behind Solana-focused products, which collectively hold about $1.64 billion in assets. 

Crypto prices slide as liquidation scares take charge

The contrasting ETF flows unfolded against a backdrop of a price downturn in several of the top 10 ranking cryptocurrencies by market cap in the last 24 hours. Bitcoin fell to around $85,982 during US Tuesday morning trading, although a slight positive price correction trimmed its losses to just 2.8% in the day.

The selloff began after prices slipped below short-term technical support, causing leveraged long liquidations clocking $169.77 million. Once the $89,000 support level was brought down by bears, automated sell orders wiped out $200 million in long positions from the broader market within an hour.

Ether followed Bitcoin’s downward trajectory and slid 6.3% to roughly $2,951, Solana dropped nearly 3% to about $128.44, and XRP declined 3.4% to $1.92. 

Get seen where it counts. Advertise in Cryptopolitan Research and reach crypto’s sharpest investors and builders.