US Solana staking ETFs begin trading today: What it changes for altcoins

Four altcoin exchange-traded funds (ETFs) begin trading on Oct. 28, marking the first wave of non-Bitcoin, non-Ethereum spot crypto ETFs in the US and potentially catalyzing rotation into altcoin after months of consolidation.

Bloomberg senior ETF analyst Eric Balchunas confirmed that NYSE and Nasdaq posted listing notices for the Bitwise Solana Staking ETF. A few hours later, Bitwise confirmed that BSOL trading starts on Oct. 28.

Additionally, Grayscale’s Solana ETF will convert the following day. Balchunas stated:

Canary Capital CEO Steven McClurg told journalist Eleanor Terrett that the firm’s spot HBAR and LTC ETFs are effective and will begin trading on Nasdaq.

According to Terrett’s report, McClurg said:

Multicoin Capital partner Kyle Samani first disclosed the launch date of the Bitwise SOL staking ETF in a now-deleted Oct. 27 post.

Reports following Samani’s publication stated that the NYSE had confirmed the Bitwise Solana Staking ETF had received trading clearance.

Infrastructure built for institutional moment

Thomas Uhm, chief commercial officer at Jito, said the approvals validate months of operational groundwork.

In a note, he stated:

He added that this validates the infrastructure work Jito has been doing to integrate with qualified custodians, build liquidity across exchanges and OTC markets, and address regulatory, tax, and accounting issues institutions face.

Jito’s JitoSOL liquid staking token (LST) operates inside REX’s SSK product and is the only Solana LST with a full LST ETF application from VanEck.

Uhm emphasized relationship-building with authorized participants and market makers:

The staking component differentiates Solana products from Ethereum spot ETFs, which launched in July 2024 without staking features due to regulatory concerns.

Uhm positioned the approval as a starting point rather than a conclusion, mentioning works with “tier 1” investment banks on products related to these ETFs and relationships with major hedge funds.

The Oct. 28 launches follow months of issuer applications and SEC review.

The expansion from Ethereum into other altcoins tests whether institutional demand extends beyond the two largest cryptocurrencies and whether regulated products can absorb supply without triggering the volatility that characterized previous altcoin rallies.

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