Litecoin (LTC) ETF Application Submitted to the SEC by Nashville-Based Investment Firm Canary Capital
- DDDOriginal
- 2024-10-16 15:12:12701browse
Nashville-based investment firm Canary Capital filed for a Litecoin (LTC) ETF with the Securities and Exchange Commission (SEC) today. This comes less than a week after Canary submitted an XRP ETF application, showing a multifaceted approach.
Nashville investment firm Canary Capital filed for a Litecoin (LTC) exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC) on Monday.
This follows Canary and BitWise filing for an XRP ETF earlier this month. Litecoin’s official site published a statement after the ETF filing.
Canary’s New ETF Attempt
Nashville investment firm Canary Capital filed for a Litecoin (LTC) ETF with the Securities and Exchange Commission (SEC) on Monday. This comes less than a week after Canary submitted an XRP ETF application, showing a multi-pronged approach. Canary’s filings show it filed with CSC Delaware Trust Company for both attempts; BitWise also used it for its XRP ETF.
The SEC now has 75 days to approve, deny, or delay the Canary application. If approved, this would mark the first Litecoin ETF to hit the market. However, several Swiss and German ETPs already carry LTC, and Grayscale has a Litecoin ETP in the US.
Canary’s founder, Steven McClurg, was the former co-founder and Chief Investment Officer at Valkyrie Funds, which was among the first applicants for a Bitcoin Futures ETF several years ago. Canary was established to drive innovation and deliver actively managed private strategies to meet institutional demand for sophisticated cryptocurrency investment solutions. If approved, the ETF will provide both consumer and institutional investors with wide-spread direct exposure to Litecoin.
October has seen a high level of action in the crypto ETF market so far. Bitcoin ETFs are currently surging with demand, and these three new applications took place in fairly quick succession. The prevailing opinion is that Solana is more likely to win the next ETF approval, but these predictions have not deterred proposals for LTC or XRP.
In the past 24 hours, Litecoin’s price has increased by around 7%. There have been signs that LTC may rally this month if whales move the Bloomberg analyst James Seyffart noted that several exchange-traded products (ETPs) already carry LTC. He mentioned both a Swiss and a German product and added that Grayscale already has a Litecoin ETP in the United States.
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