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Bitwise Asset Management launched the first U.S. spot Solana ETF, attracting $420 million in its first week, prompting competitors to rethink their strategies. The launch occurred during an SEC shutdown, allowing Bitwise to gain a first-mover advantage. Other firms like Grayscale and VanEck are now adjusting their plans to follow suit. Analysts predict that altcoin ETFs could attract significant investments, with Solana products potentially capturing $6 billion. The competitive landscape has shifted, emphasizing the importance of being first in the market.
Canary Capital and Bitwise Asset Management are set to launch the first U.S. altcoin ETFs, tied to litecoin, hedera, and solana, despite a government shutdown affecting the SEC. The new streamlined approval process allows for quicker launches of cryptocurrency products without lengthy reviews. Canary plans to introduce more crypto offerings in the coming weeks, having engaged with the SEC prior to the shutdown. This move could signal a wave of new cryptocurrency ETFs entering the market.
According to the official website of the U.S. SEC, Canary has submitted an updated version of its spot Solana ETF S-1 application.
According to GMGN data, Seeker (SKR), a native asset of the Solana Mobile ecosystem, saw its intraday price increase by more than 280%, and its market value rose rapidly, once exceeding $28 billion.
Fidelity debuts Solana ETF "FSOL" with $3. 3 million in SOL tokens. Custody by BitGo, Coinbase, and Anchorage. source:
