Nashville-based investment firm Canary Capital has filed for a Litecoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). This follows Canary and BitWise filing for an XRP ETF earlier this month.
After the ETF application was published, Litecoin’s official website released a statement.
Canary’s new ETF attempt
Nashville-based investment firm Canary Capital today filed for a Litecoin (LTC) ETF with the Securities and Exchange Commission (SEC). This comes less than a week after Canary filed its XRP ETF application, demonstrating a multi-pronged approach. Canary documents show both attempts were filed with CSC Delaware Trust Company. BitWise also used it for the XRP ETF.
Read more: XRP ETF explained: What it is and how it works
Litecoin issued a positive statement about the ETF application on its website, welcoming this new development. The firm called for special attention to Canary Capital founder Stephen McClurg, “former co-founder and chief investment officer” of the Valkyrie Fund. Valkyrie was one of the first applicants for a Bitcoin futures ETF several years ago.
“Stephen founded Canary Capital to drive innovation and provide actively managed private strategies that meet institutional demand for advanced cryptocurrency investment solutions. “This will provide both private and institutional investors with broad direct exposure to Litecoin,” the statement said.
October has seen a high level of activity in the crypto ETF market so far. Bitcoin ETFs are currently experiencing a surge in demand, and these three new filings came in fairly quick succession. While the general consensus is that Solana is likely to win the next ETF approval, these predictions should not dissuade LTC and XRP proposals.
In the past 24 hours, the price of Litecoin has increased by about 7%. There were indications that LTC could move higher this month if the whales moved the needle, but this has not materialized. So far, on-chain data suggests a slight increase, but nothing substantial has happened.
Read More: How to Buy Litecoin (LTC) in 4 Easy Steps
Litecoin price performance. Source: BeInCrypto
While this ETF approval is a big win for the crypto industry, Bloomberg analyst James Seifert pointed out that some exchange-traded products (ETPs) already include LTC. He mentioned both Swiss and German products, adding that Grayscale already operates a Litecoin ETP in the US.
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