In the U.S., amid a prolonged government shutdown, the launch of new cryptocurrency exchange-traded funds (ETFs) is expected as early as November 2025. Due to the suspension of the Securities and Exchange Commission (SEC), all decisions regarding applications for crypto-ETFs have been postponed, shifting the anticipated launch dates from October to November.
This is reported by Business • Media
New ETF Launch Mechanisms and Issuer Activity
Several issuers have taken advantage of procedural opportunities that allow them to bring ETFs to market without active SEC approval. As a result, four new funds appeared on the exchange earlier this week: two from Canary Capital, one from Bitwise, and one from Grayscale. Issuers are submitting updated S-1 forms with a note of “no delay of amendments,” which allows them to automatically take effect in 20 days in the absence of objections from the SEC. This so-called “silent approval” has enabled the new funds to launch even during the regulator’s shutdown.
On October 28, 2025, three spot crypto funds—based on Solana (BSOL), Litecoin (LTCC), and Hedera (HBR)—debuted with a total trading volume of nearly $68 million on their first day. Bloomberg Intelligence analyst Eric Balchunas noted that BSOL was the most successful debut of the year.
Expectations for November and Future Prospects
The success of the launched funds is prompting issuers to take further steps: Fidelity has already submitted an updated application for a spot Solana ETF, while Canary Capital has applied for an XRP ETF. If the SEC does not intervene, the first XRP-based fund could hit the market as early as November 13.
At the same time, not all applications are at the same stage of preparation—several projects have yet to receive any feedback from the SEC regarding their documents. Bloomberg Intelligence analyst James Seyffart explains:
“We could see the launch of several funds as early as next month—even if the government does not resume operations. However, there are projects that still have not received any feedback from the SEC regarding their S-1 prospectuses. Without this, they are unlikely to be able to launch.”
The current situation marks a new phase in the years-long struggle to create spot crypto funds in the U.S. Whereas issuers previously awaited formal approval, they are now actively utilizing procedural norms to launch, even amid regulatory paralysis.
Experts at Grayscale predict that Solana ETFs could accumulate over 5% of the total asset supply, despite increasing competition in the market. Eric Balchunas also suggests that by the end of 2026, the number of applications for cryptocurrency ETFs could exceed 200.