K33 Research reported that the SEC’s approval of the Generic Listing Rules paves the way for potential spot ETFs tied to altcoins such as Solana and Litecoin, while noting that administrative factors, including a possible government shutdown, could delay listing timelines.
Director Vetle Lunde highlighted that following the conversion of Bitcoin and Ethereum ETFs, Grayscale’s releases reached roughly 50% of nominal AUM within 200 trading days, and that small-cap altcoin exposures — measured as a share of circulating supply — can materially influence market positioning and create actionable long/short opportunities.
The report contrasts product structures: Grayscale’s Solana Trust represents about 0.1% of circulating SOL with no historical discount trading, whereas the Litecoin Trust holds about 2.65% of LTC and has traded at persistent discounts, factors that could affect post-conversion flows if ETFs are listed concurrently.