Canary

Litecoin

Canary Capital filed with the U.S. Securities and Exchange Commission to list an exchange-traded fund underpinned by the Bitcoin-inspired cryptocurrency, Litecoin. 
Crypto-focused investment startup Canary Capital <a href="https://www.sec.gov/Archives/edgar/data/2039461/000199937124013330/litecoin-s1_101524.htm" target="_blank" rel="nofollow">filed</a> paperwork with the Securities and Exchange Commission to bring a spot Litecoin (<a href="https://crypto.news/price/litecoin/" target="_blank">LTC</a>) ETF to Wall Street trading terminals. The new wealth manager, launched by Valkyrie founder Steven McClurg, submitted documents, including a Form S-1, signaling the formal registration of securities for its spot LTC ETF. 
Litecoin is one of the oldest blockchain assets and is often considered an offshoot of Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank">BTC</a>). However, LTC was built in 2011 as a lighter version of BTC rather than an actual Bitcoin fork. Thirteen years later, LTC traded at almost $70 per coin and had a market cap of over $5.25 billion. The token ranked 27th among the top 100 cryptocurrencies by valuation. 
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 <img loading="lazy" decoding="async" width="1113" height="653" src="https://crypto.news/app/uploads/2024/10/LTCUSDT_2024-10-15_18-10-53.png" alt="Litecoin chart" class="wp-image-14303890">
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 24-hour LTC price chart – Oct. 15 | Source: crypto.news
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Canary Capital has jumped head-first into the crypto ETF bidding scene. Last week, the investment firm joined Bitwise to <a href="https://crypto.news/bitwise-submits-xrp-etf-bid-with-sec/" target="_blank">bid</a> for a spot (<a href="https://crypto.news/price/xrp/" target="_blank">XRP</a>) ETF. On Oct. 1, Canaray unveiled its inaugural private fund focused on Hedera (<a href="https://crypto.news/price/hedera/" target="_blank">HBAR</a>) and called the Canary HBAR Trust. 
Crypto ETF filings have become a regular theme at the SEC since some 11 issuers secured approval for spot Bitcoin funds in January. Spot Ethereum (<a rel="" href="https://crypto.news/price/ethereum/">ETH</a>) ETFs followed in late July, sparking a mountain of speculation over which crypto would don the institutional ETF wrapper next. 
Solana (<a rel="" href="https://crypto.news/price/solana/">SOL</a>) and Ripple’s native token have <a href="https://crypto.news/solana-etfs-have-just-suffered-a-huge-setback-heres-why/" target="_blank">featured</a> as leading contenders for a crypto ETF after BTC and ETH. However, the SEC’s regulatory approach and perception of which tokens fall under securities laws leaves looming uncertainty. 
Per <a href="https://fortune.com/crypto/2023/06/12/gensler-video-ethereum-litecoin-not-securities/" target="_blank" rel="nofollow">Fortune</a>, SEC chair Gary Gensler told hedge funds that Ethereum and Litecoin were not securities in 2018. This assertion and LTC’s similarities with Bitcoin could improve the chances of a spot LTC ETF. However, SEC leadership under Gensler remains largely skeptical of the crypto economy, and the product may receive pushback from agency staff. 
 Read more: <a rel="" href="https://crypto.news/bitcoin-crosses-67k-to-hit-2-month-high/"> Bitcoin crosses $67k to hit 2-month high </a>

Valkyrie Alumnus-founded Canary bids for spot Litecoin ETF

crypto.news

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