Solana, Litecoin, and Hedera ETFs Launch This Week on Nasdaq

TLDR

• Bitwise Solana Staking ETF, Canary Litecoin ETF, and Canary HBAR ETF will begin trading on Tuesday, October 28, 2025 on Nasdaq
• Grayscale Solana ETF will start trading on Wednesday, October 29, 2025
• The ETFs are launching through an alternative approval route using Form 8-A filings that allow automatic effectiveness after 20 days
• The launches are happening despite the ongoing U.S. government shutdown, which is now in its fourth week
• Solana is the sixth-largest cryptocurrency with over $111 billion market cap, while Litecoin and Hedera rank 29th and 30th

Four new cryptocurrency exchange-traded funds will begin trading this week. The launches mark an expansion of crypto investment products available to U.S. investors.

The Canary Litecoin ETF and Canary HBAR ETF became effective on Monday. Both funds will start trading on the Nasdaq on Tuesday, October 28.

Bitwise announced its Solana Staking ETF also became effective. The fund will debut on Tuesday alongside the Canary products.

Grayscale will convert its existing closed fund into the Grayscale Solana ETF. The converted fund will list on Wednesday, October 29, according to Bloomberg ETF analyst Eric Balchunas.

The launches use an alternative approval pathway that surprised many market observers. The NYSE and Nasdaq certified Form 8-A filings for the products.

These filings allow fund issuers to register securities under the Securities Exchange Act of 1934. The funds met generic listing standards the SEC adopted in September for commodity-based trusts.

The issuers modified their applications with language allowing automatic effectiveness 20 days after filing. If the SEC misses the deadline, the S-1 filing goes effective without SEC intervention.

Alternative Approval Path

The timing comes during the ongoing U.S. government shutdown. The shutdown is now approaching its fourth week.

The Form 8-A route provides a workaround to this limitation. The process allows the ETFs to launch without direct SEC approval during the shutdown.

Canary Capital CEO Steven McClurg said Litecoin and Hedera are the next token ETFs to go effective after Ethereum. The company plans to launch both funds on Tuesday.

Market Context for New Funds

Solana is the sixth-largest cryptocurrency by market value. The digital asset has a market capitalization exceeding $111 billion.

The cryptocurrency was trading above $199 on Monday. Solana gained 0.5% over 24 hours as investors responded to favorable U.S.-China trade talks.

Litecoin and Hedera rank as the 29th and 30th largest digital assets. Litecoin was up 3.6% while Hedera gained 1.9% on Monday.

The SEC is currently reviewing several dozen crypto-focused fund applications. These include spot funds tracking Cardano, Avalanche, and Dogecoin.

Bloomberg analysts had forecast initial SEC approvals for Solana and other altcoin ETFs earlier in October. They set 100% odds for SOL products and nearly the same probability for other funds.

Existing Bitcoin ETFs now manage about $150 billion in assets. BlackRock’s iShares Bitcoin Trust accounts for more than half that total.

Ethereum ETFs have accumulated over $27 billion in assets. The launches this week will test investor demand for additional cryptocurrency products.

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