Bitwise To Launch First Spot Solana ETF, Canary Capital Set To List Litecoin And HBAR Funds

Bitwise is preparing to debut its spot Solana Staking ETF (exchange-traded fund) on the New York Stock Exchange (NYSE) today with Canary Capital set to list Litecoin and Hedera funds.

The Bitwise SOL ETF, trading under the ticker BSOL, will be the first US product offering 100% direct exposure to staked SOL, the fund manager said in a post on X. It added that it will temporarily waive fees and target staking rewards of around 7%.

“Solana is headed into the mainstream—and we think it’s just getting started,” Bitwise said. ”We believe Solana is a key platform for enabling capital markets to come onchain and is perfectly positioned for this moment.”

The Canary Capital Litecoin (LTC) and Hedera (HBAR) ETFs will also launch today while Grayscale’s Solana ETF is expected tomorrow.

Crypto ETF Launches Proceed Even As The US Government Shutdown Persists

The launches come even as the US government shutdown persists and agencies such as the Securities and Exchange Commission (SEC) operate under reduced staff.

SEC guidance regarding shutdown operations (Source: X)

The moves by Bitwise and the other firms caught analysts by surprise after SEC guidance earlier this month that said it would not approve certain applications while the government shutdown continues. 

The crypto ETFs had faced final decision deadlines earlier this month, but the shutdown delayed the process. 

The recent listing notices suggest the issuers are launching their products under the newly-announced generic listing standards or taking advantage of other mechanisms that enable them to fast-track their launches without the need to first receive SEC approval.

Under the generic listing standards, firms that don’t want to wait for SEC signoff need to meet the listing standard. These firms will also need a final S-1 registration statement and a Form 8-A. 

Bloomberg ETF analyst James Seyffart said that the launches during the shutdown could have something to do with language in recent guidance that was issued by the SEC in the form of a Q&A.