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First U.S. Spot Solana, Hedera, and Litecoin ETFs Begin Trading Under ’33 Act Structure
October 28, 2025
Investors gained new regulated options for crypto exposure on Tuesday as the first U.S. spot exchange-traded funds (ETFs) for Solana (SOL), Hedera (HBAR), and Litecoin (LTC) went live under the Securities Act of 1933 framework.
The launches mark the next step in crypto ETF expansion beyond bitcoin and ether. Bitwise’s Solana ETF (BSOL) began trading on the New York Stock Exchange, while Canary Capital’s Hedera (HBR) and Litecoin (LTCC) ETFs debuted on the Nasdaq.
According to Bloomberg Intelligence analyst James Seyffart, the Solana ETF could attract more than $3 billion in inflows within the first 12–18 months if trends seen in bitcoin and ether ETFs repeat. “Solana’s market cap is about 5% of bitcoin’s and 22% of Ethereum’s,” Seyffart said. “If the same relative flows occur, it could see $3 billion in demand.”
Trading activity was strong out of the gate, with BSOL posting $10 million in volume during its first 30 minutes. HBR and LTCC saw $4 million and $400,000, respectively, according to Bloomberg’s Eric Balchunas, who expects end-of-day volumes of $52 million for BSOL, $8 million for HBR, and $7 million for LTCC.
The ETFs follow a ’33 Act structure, commonly used for commodity-based products, which does not require a fund board or daily portfolio disclosure — features that make it a favored model for single-asset crypto ETFs. CoinDesk Indices provides pricing benchmarks for HBR and LTCC.
By comparison, spot bitcoin ETFs brought in $628 million in first-day flows earlier this year, while ether ETFs saw $106 million. The Solana, Hedera, and Litecoin launches each have a single issuer, though Grayscale’s Solana Trust, set to convert into an ETF, begins trading Wednesday.
Seyffart noted that HBAR and LTC ETFs will likely attract smaller inflows given their market caps of just 8% and 7% the size of Solana’s.
