Canary Capital has filed for a Litecoin (LTC) ETF with the U.S. Securities and Exchange Commission (SEC), aiming to capitalize on the growing institutional demand for cryptocurrency exchange-traded funds (ETFs). This filing is the initial step in the regulatory process, with the next step being a 19b-4 filing, requesting SEC approval for a rule change at the exchange to enable the listing of the new ETF.
The Canary Litecoin ETF will directly hold Litecoin and determine its net asset value (NAV) daily, referencing the CoinDesk Litecoin Price Index (LTX). Following the announcement of the ETF filing, LTC surged past the $70 mark. However, the Ethereum (ETH) ETF’s underwhelming performance raises concerns about the potential success of the proposed LTC ETF.
Canary Capital is also planning a Spot Ripple (XRP) ETF, but its approval faces significant obstacles due to the ongoing legal battle between the SEC and Ripple.
