Several asset managers are planning to list exchange-traded funds (ETFs) that track Solana (SOL), Hedera (HBAR), and Litecoin (LTC) within the upcoming week. Sources indicated that filings have been made for the Canary Litecoin ETF, the Canary HBAR ETF, and the Grayscale Solana Trust ETF. These issuers are leveraging an SEC procedure that allows S-1 registrations to automatically become effective after a twenty-day waiting period, provided no delaying amendment is filed. This approach reduces dependence on active agency review but carries legal risks if the registration contains errors.
Managers have filed paperwork in accordance with public listing rules that have already received approval from the securities regulator. Canary Capital, for instance, submitted Form 8-A notices to incorporate S-1 filings for Litecoin and HBAR listings. These submissions signal an intention to list shares once the statutory waiting period concludes.
Market analysts have noted that issuers proceeding with clean filings are accepting the inherent risk of potential future SEC comments and possible shareholder actions concerning misstatements or omissions. This strategy involves a calculated risk in exchange for faster market entry.
Regulatory Steps and Market Timing
Prior to the government shutdown, the SEC had approved listing standards for three exchanges, which facilitate the quicker listing of commodity-based trust shares. These standards enable certain issuers to circumvent the more protracted 19b-4 process and expedite their market entry. Concurrently, the agency's shutdown plan has led to a reduction in staff capacity, placing many reviews on hold.
Additionally, a social media post by Kyle Samani of Multicoin Capital briefly mentioned a Bitwise SOL Staking ETF before it was subsequently removed. Issuers are at different stages of readiness and will proceed according to their respective filing statuses. If regulators later mandate amendments, the effective date clock will reset, potentially stalling listing plans.
Eric Balchunas, a senior ETF analyst at Bloomberg, confirmed via a tweet the impending approval and launch of several cryptocurrency ETFs. According to his post, the exchange had issued listing notices for four significant products: Bitwise’s Solana ETF, Canary’s Litecoin ETF, and Canary’s HBAR ETF, all slated for October 28, 2025. Furthermore, the conversion of Grayscale’s Solana ETF was scheduled for October 29. Balchunas cautioned that the success of these launches is contingent on the SEC refraining from last-minute interventions, leaving room for potential regulatory adjustments.
Investors and traders are closely monitoring filing activities for indications of broader trends in the ETF market. Several funds were awaiting final agency approvals before the shutdown and are now poised to proceed under the current guidance. Nevertheless, legal exposure and operational due diligence remain critical considerations for trustees and exchanges involved in these launches.