Michael Novogratz's Galaxy And Invesco File To Launch Solana ETF: What You Should Know About QSOL
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 26 2025
0mins
Should l Buy GLXY?
Source: Benzinga
Invesco's New ETF Filing: Invesco has filed for a cryptocurrency exchange-traded fund (ETF) focused on Solana, in collaboration with Galaxy Digital, aiming to expand its offerings beyond Bitcoin. The proposed ETF will be listed under the ticker "QSOL" on the Cboe BZX exchange.
Regulatory Context: Several companies have recently updated their filings for Solana ETFs to address SEC inquiries, with analysts suggesting that the SEC may act quickly on these spot Solana ETFs.
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Analyst Views on GLXY
Wall Street analysts forecast GLXY stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for GLXY is 45.89 USD with a low forecast of 26.00 USD and a high forecast of 60.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
11 Analyst Rating
10 Buy
1 Hold
0 Sell
Strong Buy
Current: 20.400
Low
26.00
Averages
45.89
High
60.00
Current: 20.400
Low
26.00
Averages
45.89
High
60.00
About GLXY
Galaxy Digital Inc. is engaged in the business of digital assets and data center infrastructure, delivering solutions that accelerate progress in finance and artificial intelligence (AI). The Company's digital assets platform offers institutional access to trading, advisory, asset management, staking, self-custody, and tokenization technology. In addition, it develops and operates data center infrastructure to power AI and high-performance computing workloads. The Company's segments include Digital Assets, Data Centers, and Treasury and Corporate. Its Digital Assets operating business segment provides new products and capabilities such as staking, margin-based financing and active exchange-traded funds. The Data Centers segment comprises the Helios infrastructure assets. Its Data Centers segment develops and operates High Performance Computing (HPC) infrastructure to meet the growing demand for large-scale, power-ready facilities in the AI/HPC industry.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Interest Rate Expectations Shift: Following the robust employment report, the market's expectation for a Fed rate cut next month dropped from 23% to 6%, with the 10-year T-note yield rising by 3 basis points to 4.17%, reflecting a cautious outlook on future monetary policy.
- Mixed Market Performance: The S&P 500 closed unchanged, the Nasdaq 100 rose by 0.29%, while the Dow Jones Industrial Average fell by 0.13%, highlighting a contrast between strong tech stock performance and weakness in software stocks.
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- Market Volatility: With Bitcoin falling below $70,000 for the first time, Coinbase's stock has declined by 33.12% over the past month, which not only affects Armstrong's wealth but also undermines market confidence in the company, indicating potential pressure on its upcoming financial report.
- Regulatory Controversy: Armstrong faced criticism from Treasury Secretary Scott Bessent for opposing the proposed Clarity Act, who argues that recent market volatility highlights the urgent need for clear regulatory frameworks, potentially impacting Coinbase's future operational strategies.
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- Impact of Leverage Wipeout: During the October 2025 flush, over 1.6 million traders lost a combined $19.37 billion in leveraged positions within 24 hours, with Novogratz highlighting that this wipeout has made it slow to rebuild market narratives, affecting investor confidence.
- Legislative Need: Novogratz called for the passage of the CLARITY Act to restore 'spirit' in the market, indicating that his discussions with Senate Minority Leader Chuck Schumer suggest that legislation is necessary to improve market structure and promote the next phase of tokenized finance.
See More
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- Bitcoin Price Decline: Bitcoin has dropped over 21% in 2026, hitting a low of $60,062 last week, its lowest in 16 months, representing a nearly 50% decline from its record high in October 2025, indicating a severe loss of market confidence.
- Industry Trust Crisis: Galaxy founder Mike Novogratz highlighted that the 22% drop in Bitcoin following the FTX collapse in November 2022 was due to a breakdown in trust, and this latest decline lacks a clear trigger, reflecting a broader loss of confidence that has severely impacted retail and market makers.
- End of Speculative Era: Novogratz believes the current downturn signifies the end of the
See More
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- Share Quantity: Under the approval from the Board on February 6, 2026, Galaxy Digital plans to repurchase up to 14,798,021 Class A common shares, representing about 10% of the public float, between February 12, 2026, and February 11, 2027.
- Market Reaction: This buyback plan is likely to enhance earnings per share and boost investor confidence, particularly against the backdrop of volatility in the cryptocurrency market, indicating a positive outlook for future growth.
- Strategic Implications: By implementing a Normal Course Issuer Bid, Galaxy Digital aims to optimize its capital structure while demonstrating financial robustness and long-term growth potential amid market uncertainties.
See More
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- Buyback Program Scale: Galaxy Digital has announced a $200 million stock buyback program approved by its Board of Directors, set to be implemented from February 12, 2026, to February 11, 2027, aimed at enhancing shareholder value and optimizing capital structure.
- Stock Quantity for Repurchase: Under the plan, Galaxy intends to repurchase up to 14,798,021 Class A common shares through TSX and other trading systems, representing approximately 10% of the public float as of January 31, 2026, reflecting the company's confidence in current market conditions.
- Daily Buyback Limit: During the buyback, Galaxy can acquire a maximum of 284,225 Class A common shares per day, which is 25% of the average daily trading volume over the past six months, ensuring that the buyback activity does not significantly impact the market.
- Market Reaction Expectations: Galaxy believes that current market conditions provide opportunities to repurchase shares at attractive prices, and this move is expected to enhance liquidity and increase the proportionate interests of shareholders, thereby attracting more investor attention to the company's long-term growth potential.
See More
US Stock Market Close and Employment Data Analysis
- Strong Employment Data: US nonfarm payrolls for January increased by 130,000, surpassing expectations of 65,000, indicating labor market stability, while the unemployment rate unexpectedly fell by 0.1% to 4.3%, which is likely to have a positive impact on economic recovery.
- Interest Rate Expectations Shift: Following the robust employment report, the market's expectation for a Fed rate cut next month dropped from 23% to 6%, with the 10-year T-note yield rising by 3 basis points to 4.17%, reflecting a cautious outlook on future monetary policy.
- Mixed Market Performance: The S&P 500 closed unchanged, the Nasdaq 100 rose by 0.29%, while the Dow Jones Industrial Average fell by 0.13%, highlighting a contrast between strong tech stock performance and weakness in software stocks.
- Optimistic Earnings Outlook: Over 78% of the 335 S&P 500 companies that reported earnings exceeded expectations, with Q4 earnings growth projected at 8.4%, indicating that sustained corporate profitability will support long-term stock market gains.
See More
Coinbase CEO Drops Out of Billionaires Index Amid Crypto Decline
- Wealth Plummet: Coinbase CEO Brian Armstrong's net worth has dropped from $17.7 billion last summer to $7.5 billion, reflecting the direct impact of his 14% stake in Coinbase amid severe crypto market volatility.
- Market Volatility: With Bitcoin falling below $70,000 for the first time, Coinbase's stock has declined by 33.12% over the past month, which not only affects Armstrong's wealth but also undermines market confidence in the company, indicating potential pressure on its upcoming financial report.
- Regulatory Controversy: Armstrong faced criticism from Treasury Secretary Scott Bessent for opposing the proposed Clarity Act, who argues that recent market volatility highlights the urgent need for clear regulatory frameworks, potentially impacting Coinbase's future operational strategies.
- Earnings Report Release: Coinbase is set to release its fourth-quarter financials on February 12, with the market closely watching its performance in the current crypto environment, which is expected to significantly influence its stock price and investor confidence.
See More
Mike Novogratz: Crypto's Speculation Age May Be Over, Real-World Assets Next
- Market Transformation Signal: Galaxy Digital CEO Mike Novogratz stated at the CNBC Digital Finance Forum in New York that the crypto market's 'age of speculation' may be ending as risk-averse institutions enter, with a shift towards tokenized real-world assets and tokenized stocks expected to dominate with 'lower returns'.
- Market Correction Reasons: He noted that Bitcoin has fallen over 21% year-to-date, contrasting this with the 2022 FTX collapse, emphasizing that there is no clear 'smoking gun' this time, but rather a market still recovering from the October 2025 leverage wipeout that eliminated many retail and market makers.
- Impact of Leverage Wipeout: During the October 2025 flush, over 1.6 million traders lost a combined $19.37 billion in leveraged positions within 24 hours, with Novogratz highlighting that this wipeout has made it slow to rebuild market narratives, affecting investor confidence.
- Legislative Need: Novogratz called for the passage of the CLARITY Act to restore 'spirit' in the market, indicating that his discussions with Senate Minority Leader Chuck Schumer suggest that legislation is necessary to improve market structure and promote the next phase of tokenized finance.
See More
Bitcoin Price Plummets 21% Amid Industry Shift and Speculation Phase-Out
- Bitcoin Price Decline: Bitcoin has dropped over 21% in 2026, hitting a low of $60,062 last week, its lowest in 16 months, representing a nearly 50% decline from its record high in October 2025, indicating a severe loss of market confidence.
- Industry Trust Crisis: Galaxy founder Mike Novogratz highlighted that the 22% drop in Bitcoin following the FTX collapse in November 2022 was due to a breakdown in trust, and this latest decline lacks a clear trigger, reflecting a broader loss of confidence that has severely impacted retail and market makers.
- End of Speculative Era: Novogratz believes the current downturn signifies the end of the
See More
Galaxy Digital Approved for $200 Million Share Buyback
- Buyback Plan Approved: Galaxy Digital announced that the Toronto Stock Exchange has approved its buyback plan, allowing for up to $200 million in shares, reflecting the company's confidence in its intrinsic value.
- Share Quantity: Under the approval from the Board on February 6, 2026, Galaxy Digital plans to repurchase up to 14,798,021 Class A common shares, representing about 10% of the public float, between February 12, 2026, and February 11, 2027.
- Market Reaction: This buyback plan is likely to enhance earnings per share and boost investor confidence, particularly against the backdrop of volatility in the cryptocurrency market, indicating a positive outlook for future growth.
- Strategic Implications: By implementing a Normal Course Issuer Bid, Galaxy Digital aims to optimize its capital structure while demonstrating financial robustness and long-term growth potential amid market uncertainties.
See More
Galaxy Receives TSX Approval for Stock Buyback Program
- Buyback Program Scale: Galaxy Digital has announced a $200 million stock buyback program approved by its Board of Directors, set to be implemented from February 12, 2026, to February 11, 2027, aimed at enhancing shareholder value and optimizing capital structure.
- Stock Quantity for Repurchase: Under the plan, Galaxy intends to repurchase up to 14,798,021 Class A common shares through TSX and other trading systems, representing approximately 10% of the public float as of January 31, 2026, reflecting the company's confidence in current market conditions.
- Daily Buyback Limit: During the buyback, Galaxy can acquire a maximum of 284,225 Class A common shares per day, which is 25% of the average daily trading volume over the past six months, ensuring that the buyback activity does not significantly impact the market.
- Market Reaction Expectations: Galaxy believes that current market conditions provide opportunities to repurchase shares at attractive prices, and this move is expected to enhance liquidity and increase the proportionate interests of shareholders, thereby attracting more investor attention to the company's long-term growth potential.
See More
