The cryptocurrency market may see another wave of exchange-traded fund debuts this week, with Solana, Litecoin, and HBAR funds appearing on the list of upcoming listings on U.S. exchanges, potentially launching on Tuesday.
According to Bloomberg analyst Eric Balchunas, notifications for U.S. exchange listings have emerged for Bitwise's Solana (SOL) ETF and Canary's Litecoin (LTC) and Hedera (HBAR) ETFs, which are planned to go live on Tuesday.
Balchunas stated in a post on X on Monday that Grayscale's Solana Trust is expected to convert to an ETF the following day.
Cryptocurrency ETFs are funds traded on stock exchanges that allow investors to gain exposure to digital assets like Bitcoin (BTC) or SOL without owning or managing the tokens.
Since the federal government shutdown on October 1, the approval process for cryptocurrency ETFs in the U.S. market has stalled. However, the U.S. Securities and Exchange Commission (SEC) is still operational, albeit with limited capacity.
The SEC approved the first U.S. spot Bitcoin ETFs on January 10, 2024, paving the way for BlackRock, Grayscale, Bitwise, ARK 21Shares, WisdomTree, Fidelity, Valkyrie, VanEck, Hashdex, Franklin Templeton, and Invesco Galaxy to list and trade ETFs.
As Cointelegraph reported in September, up to 16 ETFs were queued for SEC approval in October, involving various altcoins, including SOL, LTC, and Dogecoin (DOGE).
Staking, which involves locking up cryptocurrencies to help secure proof-of-stake blockchains like Solana and earning rewards paid in the same tokens, has become one of the major narratives in cryptocurrency this year.
In July, the REX-Osprey Solana Staking ETF debuted on the Cboe BZX exchange, becoming the first cryptocurrency staking ETF approved in the U.S.
Grayscale recently added staking capabilities to its Solana Trust, following a statement from the SEC in September clarifying that certain staking activities do not constitute a securities offering.
The proposed Bitwise Solana ETF, which may receive approval on Tuesday, also includes staking features.
Thomas Uhm, COO of the Solana-based liquid staking and MEV protocol Jito, told Cointelegraph that the approval of the Solana ETF is just the beginning.
"We are already working with top-tier investment banks to develop products related to these ETFs, as well as accumulation strategies using staking Solana ETF options," he said.
Related: Strategy records the slowest monthly purchase rate of the year, adding only 778 Bitcoin (BTC) in October.
Original article: “Bloomberg Analyst: Solana (SOL), Litecoin (LTC), and Hedera (HBAR) ETFs to Launch on Tuesday”
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