Key Notes
- Canary Capital's dual ETF filings signal institutional momentum in cryptocurrency markets beyond established digital assets.
- The SEC's September approval of generic crypto ETF listing standards has catalyzed a wave of new product applications across multiple blockchain networks.
- Trading cannot commence until the SEC declares the S-1 registration statements effective, maintaining regulatory oversight of potential market manipulation risks.
Canary Capital Group submitted paperwork on Oct. 27 to register shares for two cryptocurrency exchange-traded funds with Nasdaq. The filings cover a Litecoin LTC $101.9 24h volatility: 2.8% Market cap: $7.78 B Vol. 24h: $814.91 M ETF and an HBAR ETF, both structured as Delaware statutory trusts.
The company filed Form 8-A registration statements under Section 12(b) of the Securities Exchange Act of 1934. According to SEC rules, this type of registration becomes effective upon the latest of three events: the filing itself, exchange certification from Nasdaq, or effectiveness of the related Securities Act registration statements. Both filings state that Nasdaq has approved the applications for listing.
The Litecoin ETF filing references S-1 registration number 333-282643, first submitted on Oct. 15, 2024. The HBAR ETF filing cites S-1 number 333-283135, initially filed on Nov. 12, 2024. Both products received S-1 amendments as recently as Oct. 7, 2025.
Canary just filed 8-As for Litecoin and HBAR ETFs joining Bitwise who filed one for Solana. These are the ones rumored to be poss looking to launch (along w Grayscale solana) this week despite shutdown. Not a done deal but clearly preparations being made. Stay tuned.. pic.twitter.com/4lj8NPn9s7
— Eric Balchunas (@EricBalchunas) October 27, 2025
ETF Approval Timeline and Market Context
The submissions arrive as impending altcoin ETF deadlines approach throughout October. The SEC has withdrawn delay notices for multiple cryptocurrency ETF proposals, including products tied to Solana SOL $200.4 24h volatility: 0.8% Market cap: $110.11 B Vol. 24h: $7.07 B , XRP, and other digital assets. This regulatory shift follows the commission’s approval of generic listing standards for crypto ETFs earlier in September.
Canary Capital has also filed among the wave of spot XRP ETF applications awaiting SEC decisions. Multiple asset managers are pursuing similar products across various cryptocurrencies as institutional adoption of digital assets continues to expand. Data from blockchain analytics shows increased accumulation patterns among large holders ahead of potential ETF launches.
The next step for both Canary products requires the SEC to declare their respective S-1 registration statements effective. Until that happens, the shares cannot begin trading on Nasdaq. The regulator maintains authority to approve these filings at any time, though concerns over market manipulation remain part of its review process for new cryptocurrency investment products.
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