🚨 BREAKING:
Investment giant Vanguard, managing over $11 trillion in global assets, has reportedly added Canary’s Spot $HBAR ETF to its platform, with trading expected to go live tomorrow.
🚨NEW: @CanaryFunds spot $HBAR and $LTC ETFs are now effective and will begin trading on the NASDAQ tomorrow, according to CEO @stevenmcclurg.
“Litecoin and Hedera are the next two token ETFs to go effective after Ethereum,” McClurg told me in a statement. “We look forward to launching tomorrow.”
Then, as confirmed by @EricBalchunas, the @NYSE has also certified 8-A filings and posted listing notices for @bitwise spot $SOL ETF to launch tomorrow and @Grayscale’s $GSOL to convert Wednesday.
How is this possible during the government shutdown, you ask? Well, the operation of law does not always actually require an open government.
It’s my understanding that the 8-A filings are just as important as the S-1s in getting these ETFs ready to launch.
A quick catchup on terminology: the 8-A formally registers ETF shares under the 1934 Act for trading on an exchange, while the S-1 registers them under the Securities Act of 1933.
This morning, @NYSE certified all the 8-A filings for the ETFs above, aka the final step before shares can start trading.
But what about the @SECGov staff needing to greenlight the S-1 registration statements?
Here’s the key: The issuers included language in their amended S-1s that lets them automatically go effective 20 days after filing. Typically, issuers delay S-1s until the SEC takes them effective, but the legal default is that the S-1 goes automatically effective without SEC intervention. That means the agency doesn’t need to approve them manually and the filings can go live on their own, even during the shutdown.
So, long story short, all the legal boxes are checked and these ETFs are on track for launch.
GOLDEN CROSS CONFIRMED.
$HBAR's long-term trend just flipped bullish.
Bulls are loading. Momentum is coiling.
When this ignites, the 2021 ATH will be a checkpoint, not the destination.
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