Canary Capital announced on Tuesday that it has filed for S-1 registration with the U.S. Securities and Exchange Commission (SEC) to launch a Litecoin exchange-traded fund (ETF).
The move comes less than a week after Canary Capital filed an application to launch an XRP-based ETF, following asset manager Bitwise, which filed its own XRP ETF application on October 1. Ta. Such moves demonstrate continued interest in crypto-backed ETFs. The ETF follows the SEC’s previous approval of the Bitcoin (BTC) ETF and Ethereum (ETH) ETF.
In a statement shared with Decrypt, Canary Capital said it believes Litecoin presents a unique and attractive opportunity for investors seeking exposure to cryptocurrencies.
“As one of the longest-running blockchains with 100% uptime since its inception, Litecoin has a proven track record of security and reliability in critical enterprise-grade use cases.” I am.
The filing is part of a broader move among asset managers to offer crypto-focused products through traditional investment vehicles such as ETFs. Earlier this year, the SEC approved Bitcoin and Ethereum ETFs, which generated significant investor interest.
These ETFs enable exposure to digital assets without the need to directly manage the underlying cryptocurrencies, making them attractive to traditional investors.
XRP, created by Ripple’s founders, has faced regulatory challenges, including a lawsuit by the SEC in 2020 accusing Ripple of selling unregistered securities in the form of XRP.
Despite this, Bitwise moved forward with its application, but it remains unclear whether the SEC will approve the fund. Last year, Ripple won a partial victory in court when a judge ruled that programmatic sales of XRP to retail investors were not securities.
Edited by Andrew Hayward
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