The Canary Litecoin ETF and Canary HBAR ETF are already effective as of this writing and will begin trading on the Nasdaq on Tuesday. Bitwise said that it’s Solana Staking ETF is also effective and will debut on Tuesday, while the Grayscale Solana ETF — a conversion from an existing closed fund — will list on Wednesday, Bloomberg ETF Analyst Eric Balchunas wrote on X Monday.
The sudden turn of events-unexpected among many observers-comes as the NYSE and Nasdaq certified 8-A filings that offer fund issuers an alternative route to the recent ETF approval process.
Issuers file these forms with the SEC to register certain securities under the Securities Exchange Act of 1934. The funds met the generic listing standards adopted by the SEC in September for commodity-based trusts, Canary noted.
The listings of the four ETFs would end months of speculation about when the funds will begin trading, with the U.S. government shutdown — now approaching its fourth week — complicating matters. In an operations contingency plan posted Oct. 1, the agency said that it would “not review and approve applications” for products or provide other “non-emergency support to registrants.”
The SEC is currently weighing several dozen crypto-focused funds covering individual altcoins, combinations of assets and strategies. Among them are also spot funds tracking Cardano, Avalanche, and Dogecoin.
Bloomberg analysts had forecast initial SEC green-lighting for Solana and other altcoin ETFs earlier this month, and set 100% odds for the SOL products and nearly the same for other funds. On September 15, Canary updated its prospectus for its Litecoin fund.
Decrypt also reached out to Grayscale Investments and the SEC for comment, but did not immediately receive a response from either party.
Investors have been scrambling to address investors’ voracious appetite for crypto-focused funds amid a more favorable regulatory and political environment for the industry, and following the dramatic success of spot Bitcoin and Ethereum ETFs, which won approvals last year.
The 11 BTC funds now 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 the total. Ethereum funds’ AUM now surpasses $27 billion.
Solana, the sixth-largest cryptocurrency with a market capitalization of more than $111 billion, was recently trading above $199, up 0.5% over the past 24 hours, as investors grew upbeat about risk-on assets after a favorable turn in U.S.-China trade talks.
In a Myriad market, just 36% of users believe that SOL will hit an all-time high this year. (Disclaimer: Myriad is a unit of Dastan, the parent company of an editorially independent Decrypt.)
Litecoin and Hedera, the 29th and 30th largest digital assets by market value, were recently up 3.6% and 1.9%, respectively.
In a statement, Canary CEO Steven McClurg called the Litecoin debut “another landmark moment in what has been a pivotal year for the crypto industry.”
“Litecoin has demonstrated a proven track record of security and reliability with signicant enterprise-class use cases….We are proud to provide investors an SEC-registered vehicle to gain exposure to this important digital asset.”
