Canary Capital Group, the recently formed digital asset investment firm led by former Valkyrie Funds co-founder Stephen McClurg, has launched a new I took a step forward.
On October 8, 2024, the company filed a Form S-1 registration statement with the Securities and Exchange Commission (SEC), an important step under the Securities Act of 1933 for companies seeking to offer securities to the public. becomes. This filing marked Canary’s first attempt to launch a spot XRP ETF. Form S-1 contains comprehensive details about the company’s financial condition and the terms of the securities offering. While this is an important milestone, the company will also need to file a Form 19b-4. This is a document that notifies the exchange where the ETF will be listed of the proposed rule change, allowing the application to proceed to the next stage of regulatory review.
On October 15, 2024, just one week after filing the XRP ETF, Canary Capital made another significant move by filing a Form S-1 for the Litecoin (LTC) ETF. This makes Canary the first company to propose a spot ETF related to Litecoin, further cementing the company as a major player in the competitive crypto ETF landscape. Similar to the XRP ETF, the LTC ETF will also require the filing of a Form 19b-4 for final approval from the SEC.
The introduction of these funds could pave the way for broader access to XRP and Litecoin in traditional financial markets and could be a huge win for both institutional and retail investors. These filings come as other companies such as Bitwise Asset Management and VanEck also compete for SEC approval for a variety of crypto-related ETFs, from XRP to Solana.
At the time of writing, LTC is trading at $66.18, down 1.3% over the past 24 hours.
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