Analyst Predicts Launch of ETFs for Solana, Litecoin, and Hedera on Tuesday
Bloomberg's Eric Balchunas announces the listing of Solana, Litecoin, and Hedera ETFs with potential launches this week.
Crypto markets are gearing up for additional exchange-traded fund (ETF) introductions this week featuring Solana, Litecoin, and Hedera funds that are set to debut on U.S. exchanges by Tuesday.
Bloomberg’s analyst Eric Balchunas noted that listing notifications have been recorded for Bitwise’s Solana ETF and Canary’s Litecoin and Hedera ETFs, all expected to become active on Tuesday.
In a Monday post on X, Balchunas indicated that Grayscale’s Solana Trust is anticipated to transition into an ETF on the upcoming day.
Source
Source: Eric Balchunas on X.
An ETF in the crypto realm is a fund available on stock exchanges, enabling investors to gain access to digital assets like Bitcoin or SOL without the need to own or manage the actual cryptocurrencies.
The journey for crypto ETF approvals within U.S. markets has faced delays since the federal government shut down on October 1. Nonetheless, the Securities and Exchange Commission (SEC) continues to function, albeit with limited capacity.
The SEC greenlit the inaugural U.S. spot Bitcoin ETFs on January 10, 2024, thereby paving the way for tradeable ETFs by companies such as BlackRock, Grayscale, Bitwise, ARK 21Shares, WisdomTree, Fidelity, Valkyrie, VanEck, Hashdex, Franklin Templeton, and Invesco Galaxy.
As previously reported, October has seen around 16 ETFs awaiting SEC approval, linked to various altcoins, including SOL, LTC, and Dogecoin.
Solana Staking ETFs
Staking, the action of locking cryptocurrency to support proof-of-stake networks such as Solana and earning rewards in that same token, has emerged as a key theme in crypto this year.
In July, the REX-Osprey Solana Staking ETF entered the market on the Cboe BZX Exchange, marking the first approval of a crypto staking ETF in the U.S.
Recently, Grayscale added staking to its Solana Trust, in response to the SEC’s clarification in September acknowledging that certain staking activities do not classify as securities.
Moreover, Bitwise’s proposed Solana ETF, potentially approved on Tuesday, will also incorporate staking features.
Thomas Uhm, COO of Solana-based liquid staking protocol Jito, conveyed to Cointelegraph that these Solana ETF approvals signify just the beginning.
“We’re already working with tier 1 investment banks on products related to these ETFs and on accumulation strategies using staked Solana ETF options.”
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