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SOL, LTC and HBAR ETFs ready to launch
On Monday, the New York Stock Exchange (NYSE) published listing notices for four new spot cryptocurrency exchange-traded funds (ETFs).
Eric Balchunas, Senior ETF Analyst at Bloomberg confirmed in a post on
“This is another historic moment in what has been a pivotal year for the cryptocurrency industry. Canary is incredibly proud to have fulfilled our mission of bringing registered cryptocurrency investment solutions to the general investing public,” said Steven McClurg, CEO and founder of Canary Capital.
Meanwhile, Grayscale’s Solana fund is scheduled to convert the following day, assuming there is no last-minute delay from the U.S. Securities and Exchange Commission (SEC).
New SEC guidance clears the way
The launch of these ETFs comes after the SEC issued guide about a week after the US government shutdown, explaining the procedures for companies looking to go public. Specifically, the agency indicated that if companies want to launch ETFs, they can file an S-1 registration statement without a so-called dilatory amendment. With a dilatory amendment, the ETF would not go live for 20 days, giving the SEC enough time to address the comments.
It is worth noting that S-1 must be final, as any adjustment will reset the clock and delay its effectiveness by 20 days. As part of that process, companies must file a Form 8-A, and Canary Capital filed two earlier on Monday for the LTC and HBAR ETFs.
The sudden appearance of listing notices follows a new outlook for altcoin ETFs after US President Donald Trump took office and appointed crypto-friendly Paul Atkins as chairman of the SEC.
Before the federal government shutdown, the cryptocurrency industry was prepared for a flood of new cryptocurrency ETFs in October, with the SEC expected to make final decisions on 16 cryptocurrency ETFs this month. The closure left everything in limbo, with deadlines passed without action being taken.
While Monday’s move surprised many in the market, the general consensus is that the launch of these altcoin-linked exchange-traded funds could spark a new rally in altcoins, as the products would open the door for investors to the tokens.
