Groundbreaking Altcoin ETFs Set to Launch on NASDAQ
In an exciting development for cryptocurrency enthusiasts, seasoned crypto journalist Eleanor Terrett has announced that two innovative altcoin exchange-traded funds (ETFs) are poised to make their debut on the NASDAQ. These ETFs, focusing on Litecoin and Hedera, are set to launch ahead of their Dogecoin and XRP counterparts. Despite the current government shutdown, all necessary preparations have been completed, allowing the ETFs to proceed without requiring governmental approval, thanks to existing legal provisions.
Litecoin and Hedera ETFs: A New Era of Trading
In a recent update on the platform X, Terrett revealed that the spot Hedera (HBAR) and Litecoin (LTC) ETFs, managed by Canary Funds, are ready to commence trading. According to Canary Capital CEO Steven McClurg, these altcoin ETFs are expected to begin trading on NASDAQ this Tuesday. McClurg emphasized the significance of this move, stating, “Litecoin and Hedera are the next two token ETFs to go live after Ethereum. We are eagerly anticipating the launch tomorrow.”
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This announcement comes after a prolonged period of anticipation and signifies a major expansion of crypto-based investment offerings in mainstream US financial markets. McClurg’s comments reflect the company’s enthusiasm for this groundbreaking launch, which will enable traditional investors to engage with these digital assets through regulated brokerage accounts.
Progressing Amidst Government Shutdown: The Resilience of Altcoin ETFs
Terrett also provided insight into the operational resilience of altcoin ETFs during the ongoing government shutdown. She pointed out that the legal framework governing ETF launches remains effective even when certain government functions are suspended. In her analysis, Terrett noted the importance of 8-A filings, which play a crucial role in ETF launches alongside S-1 filings.
The 8-A filings are instrumental in formally registering ETF shares under the 1934 Act, facilitating their trading on exchanges. Meanwhile, the S-1 filings, registered under the Securities Act of 1933, are equally vital. The New York Stock Exchange (NYSE) has validated all necessary 8-A filings for these altcoin ETFs, marking the final step before trading can commence. Furthermore, additions to the amended S-1 filings ensure that the ETFs become effective automatically, 20 days post-filing, without necessitating direct SEC approval, even amidst a government shutdown.
While the shutdown initially delayed previous decision deadlines, all legal prerequisites have now been satisfied, allowing the altcoin ETFs to proceed as planned. Terrett also mentioned that Bloomberg ETF expert Eric Balchunas confirmed the exchange’s listing notices. According to Balchunas, the NYSE has announced the listings for Bitwise Solana, Canary Litecoin, Canary HBAR on Tuesday, and Grayscale’s GSOL on Wednesday, pending any last-minute SEC interventions.
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