Crypto exchange-traded fund (ETF) issuers may not have to wait much longer to expand beyond spot Bitcoin and Ether funds despite the ongoing U.S. government shutdown.
SOL, LTC, And HBAR ETFs Ready For Go-Time
On Monday, the New York Stock Exchange (NYSE) posted listing notices on Monday for four new spot cryptocurrency exchange-traded funds (ETFs).
Bloomberg’s senior ETF analyst Eric Balchunas confirmed in a post on X that listing notices suggest that Bitwise’s Solana (SOL) Staking ETF, along with Canary Litecoin (LTC) and Canary Hedera (HBAR) ETFs, are set to start trading as soon as tomorrow (Tuesday).
“This is another landmark moment in what has been a pivotal year for the crypto industry. Canary is incredibly proud to have delivered on our mission to bring registered crypto investment solutions to the broader investment public,” said Steven McClurg, CEO and founder of Canary Capital.
Meanwhile, Grayscale’s Solana fund is scheduled to convert the following day, assuming there’s no last-minute delay from the U.S. Securities and Exchange Commission (SEC).
New SEC Guidance Clears Path
The launch of these ETFs comes after the SEC issued guidance roughly a week after the closure of the U.S. government, explaining procedures for companies seeking to go public. Specifically, the agency indicated that if firms want to launch ETFs, they can submit an S-1 registration statement without a so-called delaying amendment. With a delaying amendment, the ETF wouldn’t go live for 20 days, giving the SEC adequate time to address comments.
It’s worth noting that the S-1 must be final, as any adjustments will restart the clock and delay their effectiveness by 20 days. As part of that process, firms must file a Form 8-A, and two were filed by Canary Capital earlier in the day on Monday for the LTC and HBAR ETFs.
The sudden appearance of listing notices follows a new outlook for altcoin ETFs after U.S. President Donald Trump took office and appointed crypto-friendly Paul Atkins as SEC chairman.
Before the federal government shutdown, the crypto industry was set for a flood of new crypto ETFs in October, with the SEC expected to make final decisions on 16 crypto ETFs this month. The shutdown left everything in limbo, with deadlines passing with no action taken.
While the move on Monday surprised many in the market, the general consensus is that the launch of these altcoin-tied exchange-traded funds could spark a new altcoin rally, as the products would open up investors to the tokens.
Source: https://zycrypto.com/spot-solana-litecoin-and-hbar-etfs-set-to-go-live-tuesday-as-us-exchange-posts-listings/
