Crypto firm Bitwise Asset Management launched the first U.S. spot Solana ETF during the SEC shutdown, forcing competitors to rethink their plans. The Solana Staking ETF attracted $420 million in its first week and could bring in $14 billion in six months, with $6 billion in Solana products, according to JPMorgan.

Bitwise’s move has prompted other issuers to follow suit, with Grayscale converting its fund to an ETF and others like VanEck and Fidelity adjusting their filings. The competition to be first in launching altcoin ETFs is fierce, as seen with the success of ProShares Bitcoin ETF.

The SEC allowed exchanges to adopt generic listing standards for crypto ETFs in September, expediting the launch process. Despite the shutdown threat, some issuers hesitated to proceed without SEC approval. Bitwise and Canary Capital took the risk and launched their ETFs, while others waited for the SEC’s nod.

The staggered altcoin ETF launches have deviated from the blanket approvals for bitcoin and ether ETFs, causing some issuers to feel the process was unfair. However, those who moved quickly like Bitwise reaped the benefits. The competition for first-mover advantage in the ETF space is intense, with millions in fees at stake.

Read more at Yahoo Finance: Bitwise sparks industry scramble with Solana ETF launch