The Invesco Galaxy Solana ETF is a passively managed, exchange-traded fund that holds Solana (SOL) directly and gives investors spot price exposure to SOL. The Trust is listed on the Cboe BZX Exchange and began trading in December 2025. Unlike a plain spot crypto ETF, the Trust stakes substantially all of its SOL holdings through Galaxy Blockchain Infrastructure, its staking provider, to earn incremental SOL rewards that accrue to shareholders on top of simple price exposure. The Trust maintains a small "Liquidity Sleeve" of unstaked SOL to handle redemptions and fee payments. Shares are created and redeemed in blocks of 5,000 units by Authorized Participants, the standard ETF mechanism that keeps share prices close to NAV. The Trust charges a Sponsor Fee of 0.25% per annum, paid to Invesco Capital Management, which covers all operational costs. Key service providers include Coinbase Custody (SOL custody), Galaxy Digital Funds (trade execution), and BNY Mellon (NAV calculation, share administration, and cash custody). The Trust can also distribute staking rewards as quarterly cash payments to shareholders after liquidating the rewards through Galaxy Digital Funds. The business model is straightforward: fee revenue scales with AUM, which grows as SOL appreciates and new investors buy shares.