TLDR
- Several crypto ETFs, including those tracking Litecoin, HBAR, and Solana, are set to launch this week despite the U.S. government shutdown.
- Canary Capital has filed Form 8-A for its Litecoin and HBAR ETFs, advancing its launch plans.
- Grayscale’s Solana Trust ETF is also on track to launch, offering investors exposure to Solana despite the shutdown.
- The SEC’s recent guidance allows firms to proceed with their filings without a delaying amendment, enabling the launches.
- The SEC’s approval of new listing standards for crypto ETFs is helping firms like Canary Capital and Grayscale expedite their launches.
Several crypto ETFs are set to launch this week, despite the ongoing U.S. government shutdown. These include the Canary Litecoin ETF, Canary HBAR ETF, and Grayscale Solana Trust ETF. Industry insiders have confirmed the planned launches to The Block. This follows new guidance from the SEC regarding public offerings and S-1 filings.
Canary Litecoin ETF and HBAR ETF Move Forward
Canary Capital is moving forward with its Litecoin and HBAR ETFs, according to filings from Monday. The firm submitted Form 8-A filings, which are essential for listing these funds on exchanges. The filings incorporate the SEC’s S-1 registration process, marking significant progress in launching the ETFs.
The Canary Litecoin ETF will track the price of Litecoin, while the HBAR ETF will focus on Hedera’s HBAR token. Both ETFs aim to offer investors more options to gain exposure to these assets. Despite the government shutdown, these products will continue to move forward without further delays.
Insiders suggest that the SEC’s recent guidance influenced the decision to launch the ETFs. The SEC clarified that firms can file S-1 registration statements without a delaying amendment. This allows firms to move forward with their plans, as long as the S-1 filing is finalized and without changes.
Crypto ETFs Face Delays Despite SEC Approval
Grayscale also plans to launch its Solana ETF this week. A post by Kyle Samani of Multicoin Capital confirmed the launch, though it was later deleted. The Grayscale Solana Trust ETF is designed to track the performance of Solana (SOL), a popular cryptocurrency.
Despite the uncertainty caused by the government shutdown, Grayscale remains confident about the approval of its product. The ETF provides an alternative way for investors to gain exposure to Solana. While the SEC has approved the listing standards for several crypto ETFs, the shutdown still presents some challenges.
The SEC’s decision to approve new listing standards for crypto ETFs is likely to expedite the approval process. As a result, firms like Grayscale can bypass the lengthy 19b-4 process. This will allow them to list their funds on exchanges with minimal delays, even during the shutdown.
While the launch of these crypto ETFs is proceeding, not all funds are moving forward at the same pace. Some firms may face delays due to the shutdown and the SEC’s reduced staff. However, insiders remain optimistic about the future of crypto ETFs.
