Ex-Valkyrie Founder's Canary Capital Group Files for First Litecoin ETF
- DDDOriginal
- 2024-10-16 03:50:101116browse
The filing comes seven days after the one-month-old firm submitted paperwork for an XRP ETF.
Digital asset-focused investment firm Canary Capital Group, which was founded by former Valkyrie Funds co-founder Steven McClurg, filed paperwork on Tuesday to launch the Canary Litecoin (LTC) ETF.
The token is the native cryptocurrency of Litecoin, an open-source blockchain project whose code is copied from Bitcoin’s. Several non-native ETF issuers have launched crypto funds this year, but this is the first filing for a fund tied to LTC.
For Canary, which is only about a month old, this marks the second ETF that the firm has plans to launch. A week ago, Canary filed documents with the Securities and Exchange Commission (SEC) for an XRP fund.
Both filings have yet to disclose the management fee or ticker for the potential fund.
The filing is a requirement for companies seeking to issue a new security and be listed on a public stock exchange. It is one of two filings needed to launch an exchange-traded product.
The filing is thought to be the first step in introducing a fund, but it is meaningless if it isn’t followed by the 19b-4 filing, which signals a rule change at the stock exchange on which the fund would be traded.
The latter requires the SEC to stick to a strict timeline in approving or denying the application, while the regulator has no requirement to respond to the S-1 filing.
LTC jumped 5% higher on the news of the filing, trading at $66.46 as of press time.
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