The New York Stock Exchange (NYSE) on Monday posted listing notices for four new spot crypto exchange-traded funds (ETFs), indicating they will begin trading as soon as Tuesday.
The filing includes Bitwise Solana Fund, Canary Capital Litecoin, HBAR Fund, and Grayscale Solana Trust, with the latter expected to be established on Wednesday.
The move surprised many in the market, as the ETF issuer had not anticipated any decision from the Securities and Exchange Commission (SEC) amid the ongoing U.S. government shutdown. The agency, like the rest of the federal government, is operating with reduced staffing. Employees who are not deemed essential have been furloughed, and essential employees are working without pay during the closure.
The ETFs had a deadline for finalization earlier this month, but the shutdown delayed the process. The sudden appearance of listing notices suggests that issuers are launching funds based on newly developed generic listing standards or are utilizing other mechanisms that allow issuers to begin operating products without similarly seeking SEC approval.
Spot ETFs allow investors to gain exposure to the underlying assets without directly owning them. These ETFs are the first ETFs to be launched for new crypto assets following the approval of Spot Bitcoin. BTC$114,385.17 and ether Ethereum$4,125.91 2024 ETFs. Some of these funds will also include staking functionality.
Several other issuers have filed to launch similar products related to Solana and other digital assets on both the NYSE and competing exchanges such as Nasdaq and Cboe. It remains unclear when these funds will be approved, especially if the shutdown continues.
