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The new era of crypto exchange-traded funds has kicked off with a bang.
On Tuesday, Bitwise’s new staked Solana ETF, dubbed BSOL, went live for trading on the New York Stock Exchange and did $220 million in trading in its first few hours.
“BSOL is beginning life with $220 million,” wrote Eric Balchunas, Bloomberg Intelligence ETF expert. “Impressive.”
It may have taken years before the first spot Bitcoin and Ethereum ETFs hit the market, but the next wave of funds is expected much sooner.
There are about 155 crypto ETF applications tracking 35 different assets awaiting approval from the Securities and Exchange Commission, according to Balchunas.
Solana and Bitcoin lead with 23 filings each, followed by Ripple-linked XRP with 20 and Ethereum with 16.
Market watchers expect over 200 new crypto ETFs to launch in the next 12 months.
The ETF explosion reflects the Trump administration’s crypto-friendly regulatory stance.
Under former US President Joe Biden, the Securities and Exchange Commission blocked most crypto ETF applications. But under Trump, the agency led by crypto ally Paul Atkins has approved products at a rapid clip.
Bitcoin and Ethereum ETFs launched in 2024 and have pulled in over $100 billion in combined assets.
Now altcoins are getting their turn, with issuers racing to file for everything from established layer-1 blockchains to niche DeFi tokens.
BSOL isn’t the first Solana ETF, but it’s the first registered under the Securities Act of 1933.
The ‘33 Act is a regulatory framework that provides stronger investor protections and better market access than previous products.
It also allows for in-kind creation and redemption of shares, making BSOL more accessible through traditional brokerage channels.
Other crypto ETFs — like DOJE and XRPR — have been structured under the 40-Act ETFs, a regulatory makeshift that allows firms to launch without waiting for the SEC’s rigorous approval process under the 1933 Securities Act.
The trade-off is more restrictive marketing and fewer distribution allowances.
Solana isn’t alone in launching.
Litecoin and Hedera Hashgraph, dubbed HBAR, ETFs also began trading on Wednesday under the ‘33 Act, expanding the roster of crypto ETFs beyond just Bitcoin and Ethereum.
After their first hour of trading, HBAR brought in $4 million, while Litecoin brought in $400,000, according to Balchunas.
Pedro Solimano is DL News’ Buenos Aires-based markets correspondent. Got a tip? Email him at psolimano@dlnews.com.

Indiana Police Recover Stolen Bitcoin Mining Rigs—And $75K Worth of Frozen Turkeys
$115,264.00
$4,134.23
$2.65
$1,144.58
$199.60
$0.999804
$4,131.72
$0.201388
$0.299056
$0.668354
$5,027.67
$115,396.00
$1.10
$4,463.78
$47.95
$18.56
$562.76
$4,456.19
$0.326467
$0.999446
$2.61
$4,133.17
$1.001
$1.001
$9.46
$20.10
$0.2012
$115,310.00
$99.39
$0.999791
$338.63
$43.31
$0.00001029
$2.27
$0.158214
$1.63
$320.05
$1.20
$3.16
$448.47
$6.57
$0.143232
$2.26
$235.24
$165.65
$0.479319
$1.073
$4.75
$0.00000724
$1.001
$2.33
$1.00
$247.15
$1.00
$199.55
$16.36
$4,135.22
$3.46
$0.75018
$5.61
$1.12
$0.997178
$0.200501
$0.253075
$3,958.58
$0.904469
$4,736.29
$0.999958
$0.328252
$13.63
$215.86
$14.92
$0.00000188
$3.19
$48.07
$0.00479422
$5.21
$0.190696
$0.03247952
$4,363.70
$4,360.02
$0.058328
$3.18
$0.01726433
$4,436.65
$1,145.05
$7.03
$0.438399
$0.058814
$114,877.00
$0.02156637
$1.13
$0.999882
$3,962.10
$2.53
$4,384.01
$0.01709406
$0.202082
$81.92
$114,994.00
$0.00001498
$1.14
$1.001
$1.63
$0.062201
$1.10
$2.00
$0.536315
$4,437.76
$0.997492
$1.07
$228.75
$0.999951
$1.46
$115,004.00
$2.70
$0.999832
$112,445.00
$0.45523
$0.958867
$1.039
$8.69
$0.944847
$1.93
$266.04
$0.457188
$1.10
$0.232297
$0.561855
$113.08
$3.80
$10.87
$4,348.90
$0.373035
$0.270424
$4,134.42
$0.00007278
$115,397.00
$0.998704
$0.064678
$1.089
$0.115316
$0.609549
$0.11009
$0.169166
$4,430.32
$4,128.77
$4,129.36
$0.14853
$0.115805
$1.015
$46.76
$0.077437
$0.00669536
$4,540.32
$0.992764
$0.999806
$3.30
$0.556296
$0.99987
$4,554.41
$0.998422
$0.538367
$0.292563
$115,019.00
$1.27
$15.91
$0.121956
$0.215408
$0.201584
$0.01115825
$47.77
$0.998541
$0.01045598
$4,124.11
$2.64
$1.87
$0.00000237
$0.0000005
$0.997919
$1,211.69
$1.11
$4,452.05
$24.71
$0.295204
$0.243386
$0.468873
$2.47
$4,435.52
$22.79
$4,126.76
$0.275374
$48.38
$1.00
$0.39345
$0.02281009
$1.098
$0.999728
$1.099
$0.02988788
$1.001
$4,086.46
$1.004
$0.00000041
$0.403389
$0.401852
$0.089013
$0.430602
$1.14
$0.387014
$6.70
$0.113799
$115,236.00
$22.99
$4,364.26
$0.49378
$1.17
$1.21
$5.27
$4.77
$0.740185
$1.10
$5,039.70
$0.359273
$137.58
$37.34
$20.09
$1.80
$0.00377724
$0.00376366
$0.151546
$0.01155928
$0.07263
$1.64
$222.99
$0.233613
$1,762.47
$229.35
$0.03421997
$4,116.82
$39.18
$0.03279135
$0.00078413
$0.00537594
$114,666.00
$0.00905464
$1,605.90
$2.62
Police in Indiana have recovered 1,000 Bitcoin mining machines stolen from a hijacked shipment of cargo in a semi-trailer in Grant County earlier this month—and, in an unusual twist, also stopped the theft of $75,000 worth of frozen turkeys during the same investigation.
The mining devices, worth around $700,000, belonged to Your Choice Best Ever, a crypto mining firm with operations in the state. The company reported the theft on Oct. 2. It did not respond to requests for comment from Decrypt on whether it also had any connection to the purloined poultry.
In a Facebook post Monday, the Grant County Sheriff’s Office said detectives tracked the stolen shipment to the Chicago area, and coordinated the recovery of the mining rigs last week. No arrests have yet been made, but the investigation involves “international criminal participants.”
Locals found humor in the bizarre pairing of Bitcoin miners and frozen turkeys. Comments on social media ranged from puns about police “gobbling up the charges” to jokes about using the ice-cold turkeys to cool overheating servers.
Mining operations expanded into areas like the Midwest following a 2021 ban on mining in China. At its height, China dominated the Bitcoin mining industry, accounting for more than three-quarters of global activity—but the ban dispersed miners across the world, leading to new hubs in the U.S. and beyond. According to an article published earlier this year in Nature, the U.S. now accounts for 38% of global Bitcoin mining.
“Globally, the mining hotspots today are Texas, parts of the U.S. Midwest, the Nordic region, the Caucasus, and increasingly Latin America,” Kadan Stadelmann, chief technology officer at Komodo Platform, told Decrypt. “Anywhere with cheap, stable, and often renewable power.”
The company which owns the stolen machines, Your Choice Best Ever, is typical of the trend of China-based miners moving abroad. It once operated blockchain mining facilities in Sichuan, Xinjiang, and Yunnan in China before the mining ban. Founded in 2014, the company’s website, which seemingly hasn’t been updated in years, claims it now has mining sites in Indiana and Mississippi.
Yet the rapid rise of mining operations has stirred debate in communities where they are located. Opponents cite high energy consumption and noise pollution as major concerns, while supporters argue that mining brings jobs, investment, and tax revenue.
“Some concerns are absolutely valid,” Stadelmann previously told Decrypt. “The industry hasn’t always communicated well about its energy mix or community impact."
He argued the key is to stop operating in isolation and start showing tangible local benefits like jobs, tax revenue, and support for renewable build-outs. "The answer isn’t denial, it’s transparency and innovation," he said.
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