The investment firm Canary Capital, based in Nashville, has submitted an application for a Litecoin exchange-traded fund (ETF) to the US Securities and Exchange Commission (SEC). This follows their recent application for an XRP ETF earlier in the month alongside BitWise.
Following the public disclosure of the ETF application, Litecoin’s official site provided a response.
Canary’s Recent ETF Initiative
The Nashville-based investment firm Canary Capital has filed for a Litecoin (LTC) ETF with the Securities and Exchange Commission (SEC) today. This submission comes just days after Canary put forth an application for an XRP ETF, reflecting a diversified strategy. Canary’s filings indicate collaboration with CSC Delaware Trust Company for both initiatives; BitWise has also enlisted them for its XRP ETF.
Read More: XRP ETF Explained: What It Is and How It Operates
Litecoin shared a positive statement on its website regarding the ETF filing, welcoming this development. The announcement specifically highlighted Steven McClurg, the founder of Canary Capital, who previously served as co-founder and Chief Investment Officer at Valkyrie Funds, one of the pioneers in applying for a Bitcoin Futures ETF several years ago.
“Steven established Canary Capital to spur innovation and offer actively managed private strategies tailored to meet institutional demands for sophisticated cryptocurrency investment solutions. If approved, the ETF will grant extensive direct exposure to Litecoin for both consumer and institutional investors,” the statement conveyed.
So far in October, the crypto ETF market has been notably busy. Demand for Bitcoin ETFs is on the rise, with these three recent applications submitted in rapid succession. While the consensus suggests that Solana is more likely to secure the next ETF approval, this has not deterred submissions for LTC or XRP.
In the last 24 hours, Litecoin’s price has risen by approximately 7%. There are indications that LTC could experience a rally this month if significant movements occur from large investors, although this has yet to materialize. On-chain data points to a modest uptick, yet nothing major has happened thus far.
Read More: How To Purchase Litecoin (LTC) in 4 Simple Steps
Should this ETF receive approval, it would represent a significant victory for the cryptocurrency sector. However, Bloomberg analyst James Seyffart pointed out that there are already several exchange-traded products (ETPs) available carrying LTC, including offerings from Switzerland and Germany, alongside Grayscale’s existing Litecoin ETP in the United States.
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