The spotlight of Wall Street turns once again towards crypto. As the US markets prepare to open in a few hours, the New York Stock Exchange (NYSE) is set to list four new spot ETFs on cryptocurrencies, including Solana (SOL), Hedera (HBAR), and Litecoin (LTC). A major turning point for institutional investors, and a new step towards the democratization of digital assets.
SOL, HBAR, LTC: Four ETFs, one same revolution
As of this Tuesday afternoon (French time), the Bitwise Solana Fund, the Canary Capital Litecoin and HBAR Fund, as well as the Grayscale Solana Trust are expected to make their debut on the NYSE. The latter is scheduled for Wednesday, but may need a little more time to launch. Bonus: Bitwise’s Solana ETF even integrates staking, a first in the crypto ETF space!
What’s surprising? These launches come amidst the shutdown of the US government. While the SEC is operating at a slow pace, with reduced staff and no budget, ETF issuers have found a way to move forward nonetheless.
How the SEC let it slide
Officially, no decision was expected until the end of the government shutdown. Yet, the NYSE released listing notices on Monday evening for these new products, implying that issuers relied on new generic listing rules, a mechanism allowing the launch of certain ETFs without explicit SEC approval.
In short: Wall Street moves forward, even when Washington stops.
After Bitcoin and Ethereum, it’s time for altcoins
These new ETFs follow the historic launch of Bitcoin and Ethereum spot ETFs in 2024. This time, diversification extends to major altcoins, confirming a trend: investors seek returns beyond the two market giants.
Another innovation: some of these funds integrate a staking feature, allowing investors to earn passive income related to validating transactions on the relevant blockchains. A first for products listed on Wall Street, and a strong signal of Web3 integration into traditional finance.
A step closer to institutional adoption
With Solana, Hedera, and Litecoin now represented on the stock market, the landscape changes radically. These blockchains will no longer be just crypto trader bets but institutional assets on par with Bitcoin.
One unknown remains: how many will survive and how many more will follow. Several giants, including VanEck and ARK Invest, have already filed similar requests for Solana, Avalanche, and XRP. But as long as the government remains paralyzed, uncertainty lingers about the date of the next approvals.
Meanwhile, all eyes are on the opening of the US market this afternoon. If the momentum seen at the launch of Bitcoin and Ethereum ETFs repeats itself, Solana could experience a new surge, this time, propelled by Wall Street.
