USDWeekly Crypto ETF Frenzy Grows as SEC Reviews HBAR, Solana, ADA, and DOT
Nasdaq Files for Canary HBAR Spot ETF
Nasdaq has filed a 19b-4 form with the SEC to seek approval for the Canary HBAR Spot ETF, marking a significant advancement for HBAR and Litecoin. This ETF aims to track the real-time price of HBAR, the 21st-largest cryptocurrency by market capitalization, and comes after Canary Capital's HBAR Trust launch in October 2024 and an initial ETF registration in November.
The news has positively affected HBAR’s market performance, with a 5% price increase post-filing following a prior 20% surge. Canary Capital is also pursuing a spot Litecoin ETF, which has favorable regulatory outlook, and has filed for an XRP ETF. The firm’s activities indicate a growing influence in the crypto ETF space, underscoring increased interest in institutional crypto investments.
Franklin Templeton Proposes First Solana ETF with Staking to SEC
Franklin Templeton has proposed an innovative ETF on Solana (SOL) to the SEC, marking a significant move in the cryptocurrency ETF sector. This fund aims to offer regulated exposure to Solana, incorporating staking activities that allow investors to earn rewards alongside the asset's value appreciation. Notably, this would be the first Solana ETF in the U.S., reflecting institutional interest in Solana’s high scalability and low transaction fees.
To ensure asset security, Coinbase Custody Trust Company has been chosen as the custodian, enhancing trust among institutional investors. The proposed ETF will be listed on the Cboe BZX Exchange, offering liquidity for both retail and institutional markets. If approved, this ETF could catalyze broader institutional adoption of Solana and motivate other issuers to develop similar products on proof-of-stake blockchains. The SEC's decision will be pivotal in determining the future landscape of digital asset ETFs.
SEC Acknowledges Grayscale's Spot Cardano ETF Filing, Approval Odds Rise to 64%
The U.S. SEC has acknowledged Grayscale's filing for a spot Cardano (ADA) ETF, marking the start of the regulatory review process aimed at listing on NYSE Arca. This acknowledgment enhances ADA's exposure options, with the ETF designed to track ADA's price across major exchanges like Coinbase and Kraken. Approval odds for the ETF have risen to 64%, with a final decision expected by August 2025. The proposed Grayscale Cardano Trust will allow investors regulated access to ADA without direct ownership, maintaining a passive investment strategy.
Security for the trust's holdings will be provided by Coinbase Custody Trust Company, and BNY Mellon will serve as the transfer agent. This initiative aligns with a growing trend of cryptocurrency ETF applications under review, including those related to Solana, XRP, and Litecoin.
Nasdaq Files with SEC for Grayscale Polkadot ETF
On February 25, 2025, Nasdaq filed a 19b-4 proposal with the U.S. Securities and Exchange Commission (SEC) to list the Grayscale Polkadot ETF, representing an important step towards its potential approval. If authorized, this ETF would enable both institutional and retail investors to gain regulated exposure to Polkadot (DOT), indicating a significant shift in the crypto investment landscape. This filing is part of Grayscale's broader strategy to convert its crypto trusts into publicly tradable ETFs, driven by the increasing demand for regulated cryptocurrency products.
Eric Balchunas, a senior ETF analyst at Bloomberg, highlighted the filing on social media, underlining its importance. The filing follows the SEC's ongoing reviews of Grayscale’s ETFs for XRP and Dogecoin, reflecting an intensified effort to expand crypto ETFs. Approval of the Grayscale Polkadot ETF could enhance liquidity and institutional interest in the Polkadot ecosystem, indicating growing recognition of crypto assets.
Solana Futures ETFs Listed on DTCC Amid SEC's Review of Spot ETF Filings
On February 27, 2025, the Depository Trust and Clearing Corporation (DTCC) announced the listing of Solana futures exchange-traded funds (ETFs), specifically the Volatility Shares Solana ETF (SOLZ) and the Volatility Shares 2x Solana ETF (SOLT). This debut marks Solana's first products on the DTCC fund list, heightening optimism for the approval of spot Solana ETFs currently under review by the SEC. The SEC is assessing filings from notable issuers such as 21Shares and VanEck, which signals progress toward potential approval.
Coinbase has enhanced institutional confidence by launching CFTC-regulated Solana futures contracts, addressing previous market gaps. These developments represent significant regulatory and market strides, as the anticipated approval of spot Solana ETFs could foster broader adoption and investment in Solana, connecting traditional finance with the crypto space and attracting increased institutional interest in this digital asset.
Bitwise Registers Aptos ETF, APT Surges Amid Growing Crypto Interest
Bitwise has officially registered the “Bitwise Aptos ETF” in Delaware, signaling its intention to file for SEC approval to launch the first ETF offering direct exposure to the Aptos (APT) token. This move comes amid a broader rise in crypto ETFs, with Grayscale and Canary Capital also submitting proposals for Polkadot (DOT) and Hedera (HBAR). In response to the announcement, APT's price surged 10.63% within 24 hours, reaching $6.21, defying the overall bearish trend in the crypto market.
The Aptos Layer 1 blockchain has gained traction since its 2022 launch, with over six million unique addresses interacting with its applications in the past month. This increasing interest underscores the trust developers and users have placed in Aptos, emphasizing a potential breakthrough in integrating institutional investment into digital assets. While ETF approval is uncertain, positive anticipation could further bolster the adoption of Aptos and similar altcoins in the market.
SEC Delays Decision on Ether ETF Options Until May 2025
The US Securities and Exchange Commission (SEC) has postponed its decision on permitting Cboe Exchange to list options tied to Ether exchange-traded funds (ETFs) until May 2025, according to a regulatory filing on February 28. Initially requested in August 2024, the extension follows a similar timeline for Nasdaq ISE regarding BlackRock’s iShares Ethereum Trust (ETHA), where a decision is due by April. The Fidelity Ethereum Fund (FETH), targeted for Cboe's options, holds approximately $1.3 billion in net assets.
Ether ETFs, launched in July 2024, have attracted around $11 billion in assets, signaling significant interest in cryptocurrency investments. The establishment of options markets for cryptocurrencies is viewed as pivotal for enhancing institutional adoption. Meanwhile, options on Bitcoin ETFs began trading in November, demonstrating the growing momentum in crypto derivatives—a sector expected to contribute considerable growth potential for investors as regulatory landscapes evolve.
This article has been refined and enhanced by ChatGPT.
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