NYSE, Nasdaq List Solana, Hedera, Litecoin Spot Crypto ETFs for Trading This Week
The New York Stock Exchange (NYSE) and Nasdaq posted listing notices on Monday for four new spot cryptocurrency exchange-traded funds (ETFs), signaling they will begin trading as soon as Tuesday.
The filings include the Bitwise Solana Fund, Canary Capital Litecoin and HBAR Fund and the Grayscale Solana Trust — the latter of which is scheduled to launch Wednesday.
The move surprised many in the market, as ETF issuers had not expected any decisions from the Securities and Exchange Commission (SEC) during the ongoing U.S. government shutdown. The agency has been operating with a reduced staff, like the rest of the federal government — anyone not deemed essential is furloughed, and essential employees are working without pay for the duration of the shutdown.
These ETFs had faced final decision deadlines earlier this month, but the shutdown pushed the process back. The sudden appearance of listing notices suggests issuers are launching the funds under the newly developed generic listing standards or taking advantage of other mechanisms that similarly allow issuers to go live with products without seeking SEC approval.
Spot ETFs allow investors to gain exposure to the underlying digital assets without holding them directly. These ETFs are the first ones to launch for new crypto assets after the approval of the spot bitcoin BTC and ether ETH ETFs in 2024. Some of these funds will also include a staking feature.
Several other issuers have applied to launch similar products tied to Solana and other digital assets, on the NYSE and Nasdaq, as well as rival exchange Cboe. When those funds will be approved remains unclear, especially if the shutdown continues.