BlockBeats News, October 1st, Cryptocurrency market research firm K33 Research stated in its latest report that after the SEC’s approval of the Generic Listing Rules, Solana and other altcoins like Litecoin are expected to launch spot ETFs in the coming weeks (government shutdown may delay the timeline).
K33 Research Director Vetle Lunde said that within 200 trading days after the conversion of Bitcoin and Ethereum ETFs, the scale of Grayscale Trust’s releases was equivalent to 50% of its nominal AUM. “In small-cap altcoins, the percentage difference in Grayscale’s holdings of circulating supply, although slight, is crucial and creates opportunities for long and short strategies.”
The analyst explained that Solana and Litecoin are the most comparable—both have traded publicly in recent years, while Grayscale’s XRP and Dogecoin products are structured as private placements. Grayscale’s Solana Trust holds only 0.1% of the circulating SOL supply and has never experienced a discount trading, implying little post-conversion selling pressure. Meanwhile, multiple SOL ETF applications and large digital asset treasury strategies further support demand. In stark contrast, Grayscale has controlled 2.65% of Litecoin’s circulating supply, and its trust has repeatedly traded at a deep discount—more similar to the previous GBTC and ETHE conversions. Coupled with fewer issuer applications for an LTC ETF, Lunde believes that if ETFs are listed simultaneously, a “long SOL/short LTC” strategy may be quite appealing.
