Solana Staking ETF Launches on NYSE and Nasdaq, Drawing Billions

Bitwise's Solana ETF and Canary's Litecoin and Hedera ETFs began trading on the NYSE and Nasdaq, marking a significant milestone for altcoins in institutional investment circles. The approval allows investors to buy and sell these assets using a compliant yield-generating structure.

The launch of the Solana staking exchange-traded fund (ETF) has sparked excitement among analysts, who project it could inject billions into the altcoin market. Bitget exchange's chief analyst Ryan Lee estimates the Solana staking ETF may attract between $3 billion and $6 billion in new capital during its first year.

The staking feature introduces an additional 5% passive income for holders, creating a dynamic that could draw more institutional capital into the wider altcoin sector. The historic launch of U.S. spot Bitcoin ETFs attracted $36.2 billion in investments during their first year, according to blockchain data aggregator SoSoValue.