Solana, Hedera, and Litecoin Spot ETFs Debut in U.S., Drawing Strong Early Interest

October 28, 2025

The first U.S. spot exchange-traded funds (ETFs) tracking Solana (SOL), Hedera (HBAR), and Litecoin (LTC) began trading on Tuesday, marking a new milestone for crypto assets expanding beyond bitcoin and ether.

All three funds launched under the Securities Act of 1933, a framework typically used for commodity-based ETFs, allowing greater flexibility than the stricter Investment Company Act of 1940. The ‘33 Act structure does not require daily portfolio disclosures or board oversight, making it the preferred setup for single-asset crypto products.

According to Bloomberg Intelligence analyst James Seyffart, Solana’s ETF could attract over $3 billion in inflows within the first 12 to 18 months if trends seen with bitcoin and ether ETFs are replicated.

“A good frame of reference is to look at Solana’s size relative to bitcoin and Ethereum,” Seyffart said. “Solana’s market cap is roughly 5% of bitcoin’s and 22% of Ethereum’s. If flows scale accordingly, that could mean over $3 billion coming into Solana ETFs in the first year or so — but time will tell.”

Bitwise’s Solana ETF (ticker: BSOL) debuted on the New York Stock Exchange, trading $10 million in volume during its first 30 minutes, according to Bloomberg Intelligence’s Eric Balchunas. Meanwhile, on the Nasdaq, Canary Capital’s Hedera ETF (HBR) and Litecoin ETF (LTCC) saw $4 million and $400,000, respectively.

Balchunas estimated BSOL could reach $52 million in trading volume by day’s end, while HBR and LTCC are projected to close around $8 million and $7 million.

CoinDesk Indices serves as the pricing benchmark provider for both HBR and LTCC.

For context, spot bitcoin ETFs drew $628 million in first-day inflows across multiple issuers in January, while ether ETFs attracted about $106 million on their debut. Tuesday’s launch featured only one issuer per asset, though Grayscale’s Solana Trust, which has filed to convert into an ETF, is expected to begin trading on Wednesday.

Seyffart added that inflows for Hedera and Litecoin are likely to be smaller, noting their market caps are just 8% and 7% the size of Solana’s, respectively.

“They’ll probably see proportionally lower demand,” he said. “But again, time will tell.”