This week marks a significant moment in the realm of cryptocurrency investment, as four new exchange-traded funds (ETFs) are set to begin trading on the Nasdaq. The much-anticipated launches include the Bitwise Solana Staking ETF, the Canary Litecoin ETF, and the Canary HBAR ETF, which will start trading on Tuesday, October 28, 2025. Additionally, the Grayscale Solana ETF will commence trading on Wednesday, October 29, 2025, marking a pivotal expansion of crypto investment products available to U.S. investors.
The Canary Litecoin ETF and Canary HBAR ETF became effective on Monday, paving the way for their trading debut on Nasdaq the following day. Steven McClurg, CEO of Canary Capital, indicated, “Litecoin and Hedera are the next two token ETFs to go effective after Ethereum.” This sentiment was echoed widely in the market, as the excitement surrounding new investment opportunities continues to grow.
Bitwise’s Solana Staking ETF also received effectiveness approval, alongside the Canary offerings. Grayscale plans to convert its existing closed fund into the Grayscale Solana ETF, a move that analyst Eric Balchunas highlighted as part of the emerging trend of cryptocurrency ETFs gaining traction.
In a strategic maneuver, these new funds are launching via an alternative approval route. This method utilizes Form 8-A filings, which allow for automatic effectiveness after a period of 20 days. This approach has taken many market observers by surprise, especially given the current U.S. government shutdown, which is now entering its fourth week. The SEC’s operations contingency plan, issued on October 1, stated that the agency would not review or approve applications during this shutdown, creating a challenging atmosphere for fund issuers.
However, the Form 8-A pathway provides a workaround, enabling these ETFs to launch without direct SEC approval during the ongoing crisis. McClurg further noted that Litecoin and Hedera are stepping into the spotlight as the next wave of token ETFs, following in Ethereum’s footsteps.
Market context is crucial for understanding the significance of these launches. Solana, currently the sixth-largest cryptocurrency by market value, boasts a capitalization of over $111 billion. As of the latest tracking, Solana is trading above $199, reflecting a 0.5% increase in the past 24 hours, influenced partly by optimistic U.S.-China trade talks. Meanwhile, Litecoin and Hedera rank as the 29th and 30th largest digital assets, with Litecoin up 3.6% and Hedera gaining 1.9% on Monday.
The SEC is simultaneously reviewing numerous other crypto-focused fund applications, including those targeting popular cryptocurrencies like Cardano, Avalanche, and Dogecoin. Analysts from leading financial outlets had previously forecasted SEC approvals for a variety of altcoin ETFs, with predictions suggesting strong odds for Solana products and others in the pipeline.
As it stands, existing Bitcoin ETFs are managing around $150 billion in assets, with BlackRock’s iShares Bitcoin Trust accounting for a significant portion of that total. In comparison, Ethereum ETFs have attracted over $27 billion in assets. The launches of these new funds this week will serve as a litmus test for investor appetite for additional cryptocurrency investment products and could pave the way for further innovations in this dynamic market.
