🚀 Crypto Following Massive XRP ETF Filing Momentum, Canary Capital Seeks SEC Approval For Litecoin ETF

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Asset manager Canary Capital has officially filed an S-1 registration form with the United States Securities and Exchange Commission (SEC), less than a week after applying for an XRP-based ETF. The plan is to launch a spot exchange-traded fund (ETF) that would directly hold Bitcoin offshoot Litecoin (LTC).

Litecoin Joins XRP In ETF Race​

Canary Capital seems to want to become a leader rather than a follower in the world of crypto exchange-traded funds. The company filed a registration statement with the Securities and Exchange Commission on Tuesday for a Litecoin ETF.

As per Canary Capital, the ETF product will help traditional investors dodge the complexities of directly buying and holding LTC, which normally involves creating digital wallets, securing private keys, and navigating digital asset exchanges.

Canary’s proposed ETF seeks to hold spot Litecoin and will closely track the performance of CoinDesk Litecoin Price Index (LTX), the filings noted. The crypto investment firm said it thinks Litecoin, a blockchain project whose code is copied from Bitcoin’s, offers a unique opportunity for investors seeking exposure to the OG altcoin.

“As one of the longest-running blockchains with 100% uptime since its inception, Litecoin has demonstrated a proven track record of security and reliability with significant enterprise-grade use cases,” Canary Capital said in a statement.

Bloomberg’s senior ETF analyst James Seyffart noted in a post on X that other exchange-traded products are holding Litecoin, including one from CoinShares in Switzerland and a Grayscale trust in the United States.

Canary Files Application For XRP ETF As Well​

Canary’s latest filing with the SEC is part of a wider movement among asset managers aiming to offer crypto-based ETFs. Earlier this year, the SEC greenlighted Bitcoin (BTC) and Ether ETFs, which resulted in massive investor interest.

On Oct. 9, Canary Capital filed an S-1 for a proposed spot XRP ETF. Both filings from the firm have yet to announce the sponsor fee or ticker symbol for the potential funds.

Canary Capital’s XRP filing came only days after crypto fund issuer Bitwise submitted its own XRP ETF application to the Securities and Exchange Commission.

However, it remains unclear whether the securities regulator will approve the XRP funds. Ripple recently filed a cross-appeal in its long-standing lawsuit against the SEC in a bid to strengthen its legal defenses as the agency’s own appeal edges through an appeals court.