Cryptocurrency investment firm Canary Capital has filed to launch a Litecoin exchange-traded fund in the US
This product aims to provide investors with direct exposure to OG altcoins.
The filing cited risk factors such as extreme volatility and the largely unregulated nature of digital assets.
Canary Capital noted that Litecoin was launched in 2011 and remains one of the longest-running blockchain networks with a “proven track record of security and reliability.”
Earlier this month, Litecoin celebrated its 13th anniversary. Despite not attracting many headlines, this cryptocurrency was actually able to record the highest number of transactions ever in 2024 (77 million, and counting). One of the first alternative cryptocurrencies, often referred to as the “silver” to the “gold” of Bitcoin, remains a popular payment option on BitPay.
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However, despite once being a top 10 cryptocurrency, LTC currently only ranks 27th on CoinGecko. It sits below tokens like Uniswap (UNI) and Sui (SUI). OG altcoin is worth $5.1 billion.
The investment firm believes the proposed ETF product could attract strong demand from institutional investors.
The move comes shortly after Canary Capita filed to launch an XRP ETF. We have filed a Form S-1 for this product. Bitwise, a leading crypto index fund manager, was the first to file an application for an XRP ETF.
The SEC has already approved Bitcoin and Ethereum ETFs. However, it is highly unlikely that authorities will approve these products in the near future. Major companies like BlackRock have said they will not consider altcoin ETFs.
