Litecoin founder Charlie Lee recently expressed delight over Canary Capital's recent filing for a Litecoin ETF because this indicated that the cryptocurrency was finding interest among both institutional and retail investors.
Litecoin founder Charlie Lee has commented on Canary Capital’s recent filing for a Litecoin ETF, which he believes is a result of the cryptocurrency gathering interest among both institutional and retail investors.
In an emailed statement to Fox Business, Lee expressed his excitement over the development, highlighting the growing demand for Litecoin, which is evident in the daily 2% growth of the Grayscale Litecoin Trust. He added that the trust is currently trading at more than double its net asset value (NAV), indicating strong market interest in the cryptocurrency.
“We are definitely seeing a lot of institutional demand for Litecoin. This is clear from the increasing value of the Grayscale Litecoin Trust, which is up 6% weekly at the time of writing and trades at $70.88,” said the Litecoin founder, comparing Litecoin’s peer-to-peer transactional similarities with Bitcoin.
According to Lee, this institutional demand is also reflected in the recent approval of Bitcoin and Ethereum ETFs by the SEC, which has opened the door for spot ETF applications to be approved for other cryptocurrencies, such as Solana’s SOL, XRP, and Litecoin LTC.
“The recent approval of BTC and ETH ETFs by the SEC has finally opened the door for other cryptocurrencies to apply for spot ETF products in the U.S.,” he said.
The Litecoin founder’s optimism aligns with the broader trend of increasing institutional involvement in cryptocurrency, which has been gathering steam over the past few years. As institutions continue to explore opportunities within the digital asset landscape, the approval of an ETF for Litecoin could serve as a significant milestone in this ongoing narrative.
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