A significant development is underway in the crypto market. According to crypto journalist Eleanor Terrett, Canary Funds' spot Litecoin (LTC) and Hedera (HBAR) ETFs will begin trading on the Nasdaq exchange tomorrow.
Meanwhile, the New York Stock Exchange (NYSE) has also approved the 8-A filings for Bitwise's spot Solana (SOL) ETF and Grayscale's GSOL conversion. Accordingly, Bitwise's ETF will launch tomorrow, while Grayscale's GSOL product will launch on Wednesday.
“After Ethereum ETFs, Litecoin and Hedera will be the next token ETFs. We are ready to launch tomorrow,” said Canary Funds CEO Steven McClurg in a statement.
ETF Approval Process Amidst Government Shutdown
The continued approval process for these ETFs despite the government shutdown has drawn attention. Terrett explained that this is due to a special clause added to the funds' S-1 registration documents, which automatically takes effect 20 days after the filing. While approval from the US Securities and Exchange Commission (SEC) is normally required, this provision allows the process to be completed automatically even during the government shutdown.
8-A filings are also the final step for ETFs to be listed on exchanges. These documents register the fund's shares under the Securities Exchange Act of 1934 and allow them to be traded on exchanges.