The issuers used an automatic SEC rule to launch the ETFs despite parts of the U.S. government being shut down.
The U.S. market is about to welcome its first spot exchange-traded funds (ETFs) for Solana (SOL), Litecoin (LTC), and Hedera (HBAR).
The funds, issued by Bitwise, Canary Capital, and Grayscale, are set to start trading today and tomorrow on Nasdaq and the NYSE, according to filings and industry sources.
Legal Loophole and Market Reaction
Journalist Eleanor Terrett shared in an October 27 post on X that the final regulatory step was completed when exchanges like the Nasdaq certified Form 8-A filings for the new funds. This form officially registers the ETF shares for public trading.
The Canary HBAR ETF (HBR) and Canary Litecoin ETF (LTCC) are scheduled to start trading on October 28, as confirmed by Canary Capital CEO Steven McClurg. Similarly, the Bitwise Solana Staking ETF (BSOL) will launch on the same day, with Grayscale’s Solana Trust (GSOL) converting to a spot ETF on October 29.
The launches are taking place even as parts of the U.S. government remain shut down. The issuers reportedly made use of a legal provision that lets registration statements go into effect automatically after 20 days without SEC intervention, therefore removing the need for a manual sign-off.
Bloomberg’s James Seyffart added that the SEC’s Division of Corporate Finance had earlier published guidance clarifying this rule, which ETF lawyers used to push through the filings.
Eric Balchunas, another Bloomberg analyst, confirmed that all exchange listing notices had been posted, calling it the “final step before shares can start trading.” Meanwhile, some traders on X debated the speed of the process, with one user cautioning that “there are still steps to take after submitting the 8-A form,” while others celebrated the milestone as “a win for crypto clarity.”
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Bitwise described its Solana Staking ETF as the first U.S. fund offering 100% direct exposure to SOL, targeting a 7% average staking reward with zero management fees for a limited time. Canary Capital’s HBAR ETF will hold real HBAR tokens in custody with BitGo and Coinbase Custody, while pricing data will be supplied by CoinDesk Indices.
Broader Context and What Comes Next
The new ETFs come after months of speculation that altcoin funds could soon follow Bitcoin and Ethereum’s lead. Back in June, Seyffart had raised the odds of approval for Solana and Litecoin ETFs to 90%, with HBAR close behind at 75%. His predictions now appear on target.
This launch also fits into a broader pattern of growing demand for digital asset funds. As of October 22, there were 155 active ETF filings across 35 cryptocurrencies, according to Bloomberg data. Solana and Bitcoin led with 23 filings each, followed by XRP and Ethereum.
Analysts say this flood of new products could soon reshape how traditional investors gain crypto exposure, though many may prefer diversified index-style funds over single-token ETFs.
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