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Four altcoin exchange-traded funds (ETFs) begin trading on Oct. 28, marking the first wave of non-Bitcoin, non-Ethereum spot crypto ETFs in the US and potentially catalyzing rotation into altcoin after months of consolidation.
“Assuming there’s not some last-minute SEC intervention, looks like this is happening.”
“Litecoin and Hedera are the next two token ETFs to go effective after Ethereum. We look forward to launching tomorrow.”
Multicoin Capital partner Kyle Samani first disclosed the launch date of the Bitwise SOL staking ETF in a now-deleted Oct. 27 post.
Reports following Samani’s publication stated that the NYSE had confirmed the Bitwise Solana Staking ETF had received trading clearance.
Thomas Uhm, chief commercial officer at Jito, said the approvals validate months of operational groundwork.
In a note, he stated:
“We’ve been sitting on the precipice of this moment, and I’m immensely proud we’re finally here. The approval of staked Solana ETFs is a significant step for institutional access to crypto.”
He added that this validates the infrastructure work Jito has been doing to integrate with qualified custodians, build liquidity across exchanges and OTC markets, and address regulatory, tax, and accounting issues institutions face.
Jito’s JitoSOL liquid staking token (LST) operates inside REX’s SSK product and is the only Solana LST with a full LST ETF application from VanEck.
Uhm emphasized relationship-building with authorized participants and market makers:
“We’ve built relationships with the largest authorized participants, liquidity providers, and market makers in the world. Business is about relationships, and we’ve been in the rooms that matter for ETF issuers and users to help them understand what liquid staking can do within these structures.”
The staking component differentiates Solana products from Ethereum spot ETFs, which launched in July 2024 without staking features due to regulatory concerns.
Uhm positioned the approval as a starting point rather than a conclusion, mentioning works with “tier 1” investment banks on products related to these ETFs and relationships with major hedge funds.
The Oct. 28 launches follow months of issuer applications and SEC review.
The expansion from Ethereum into other altcoins tests whether institutional demand extends beyond the two largest cryptocurrencies and whether regulated products can absorb supply without triggering the volatility that characterized previous altcoin rallies.
