Four exchange-traded funds (ETFs) that individually track Solana (SOL), Litecoin (LTC), and Hedera (HBAR) are set to go public this week, expanding the lineup of U.S.-traded spot crypto ETFs, following a long list of altcoin funds proposed to regulators.
The Canary Litecoin ETF and Canary HBAR ETF are already in effect as of this writing and will begin trading on the Nasdaq on Tuesday. The Solana staking ETF is also effective and will debut on Tuesday, while the Grayscale Solana ETF, a conversion from an existing closed fund, will go public on Wednesday, Bloomberg ETF analyst Eric Balchunas said.
This sudden turn of events, which was unexpected among many parties, comes as the New York Stock Exchange and Nasdaq filed 8-A certification applications that provide fund issuers with an alternative route to the recent ETF approval process.
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Issuers file these forms with the SEC to register certain securities under the Securities Exchange Act of 1934. The fund meets the general listing criteria adopted by the SEC for commodity-based trusts in September, Canary noted.
The listing of the four ETFs would end months of speculation about when the funds would begin trading, but the U.S. government shutdown, now in its fourth week, has complicated matters. In its operational contingency plan posted Oct. 1, the agency said it “will not review and approve applications” for products or provide other “non-emergency support to registrants.”
The SEC is currently weighing dozens of cryptocurrency-specific funds that target individual altcoins and combinations of assets and strategies. Among them are spot funds that track Cardano, Avalanche, and Dogecoin.
Bloomberg analysts predicted an initial SEC green light for Solana and other altcoin ETFs earlier this month, pegging the SOL product at 100% odds and similar odds for other funds. On September 15th, Canary updated the prospectus for its Litecoin fund.
decryption The company also reached out to Grayscale Investments and the SEC for comment, but neither party immediately responded.
As the regulatory and political environment becomes more favorable for the industry, and following the dramatic success of Bitcoin and Ethereum spot ETFs that won approval last year, investors are scrambling to capitalize on investors’ voracious appetite for crypto-focused funds.
The 11 BTC funds currently manage about $150 billion in assets (AUM), according to data analytics platform Coinglass, with BlackRock’s iShares Bitcoin Trust, the fastest-growing ETF in the industry’s 32-year history, accounting for more than half of the total. The Ethereum fund currently has over $27 billion in assets under management.
Solana, the sixth-largest cryptocurrency with a market capitalization of more than $111 billion, was recently trading above $199, up 0.5% in the past 24 hours, as investors become more optimistic about risk-on assets following an upturn in U.S.-China trade talks.
Across myriad markets, only 36% of users believe SOL will reach an all-time high this year. (Disclaimer: Myriad is a division of Dastan, the parent company of editorially independent companies. decryption. )
