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Canary Capital Files for Litecoin ETF

Following the filing, Litecoin jumped by over 18% to reach $120 for the first time this year.
Wilfred Samuel
Senior Editor
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Senior Editor
Last updated:
16 January 2025 @ 12:58 UTC
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Litecoin (LTC), the 14-year-old crypto with a market capitalization below $10 billion, has gained the attention of U.S-based exchange-traded funds (ETF) issuers. As revealed in a recent X post by Bloomberg analyst James Seyffart, Canary Capital has filed for a spot LTC ETF with the U.S. Securities and Exchange Commission (SEC).

If the agency approves, interested investors will gain exposure to the crypto by indirectly purchasing it from asset managers, easing the stress of managing a cold crypto wallet or crypto exchange account.

Litecoin ETF Around the Corner

Canary Capital already has an existing S-1 application for a spot litecoin ETF. Furthermore, the asset manager submitted an updated version of its filing on Wednesday.

According to Seyffart, the amendment implies that the U.S. Securities and Exchange Commission (SEC) has examined and started acting on the company’s filings and has noted changes to be made, thus, the need for revision and modification.  However, there is no 19b-4 form yet, meaning that the financial watchdog is not obligated to approve or deny the applications within a limited period.

Notably, Canary Capital is the first firm to file for a spot LTC ETF, but analysts anticipate an application from Grayscale if it decides to switch its LTC Trust to a fund.

Altcoin ETF Applications Await Approval

Canary’s Litecoin ETF application has added the crypto to the queue of altcoins awaiting approval from the SEC. Others include Solana (SOL) and Ripple (XRP).

According to Fox Business Eleanor Terrett, about three asset managers filed for a spot Solana ETF before the end of last year, and the SEC has started reviewing the filings. Meanwhile, the agency expects a 19b-4 application from the Chicago Board Options Exchange (CBOE). According to analysts, approving a Spot Solana ETF could soon push the crypto to $1,200.

Similarly, a few finance management firms like WisdomTree and Bitwise have filed for a spot XRP ETF. Recently, the crypto soared in value and market capitalization to rank as the third-largest coin.

Meanwhile, JPMorgan has predicted that the altcoin ETF market could amass $14 billion within the first year of trading.

Wilfred Samuel

Senior Editor
Wilfred Samuel is a cryptocurrency enthusiast with over three years of experience in blockchain technology. He conducts thorough research to provide precise and reliable news reports. With a strong foundation in technology, including software development skills, Samuel is equipped with adequate knowledge to navigate the cryptocurrency space effectively.

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