Canary Capital files S-1 application for first spot Litecoin ETF in the US
Canary Capital files S-1 software for first problem Litecoin ETF within the US Canary Capital files S-1 software for first problem Litecoin ETF within the US
Even though an assert Solana ETF filing would possibly well well moreover very successfully be viewed as asset managers making a wager on Trump, LTC is fundamentally assorted.
Quilt artwork/illustration thru CryptoSlate. Image consists of combined bellow material that would possibly well well moreover comprise AI-generated bellow material.
Nashville-based asset supervisor Canary Capital filed an S-1 map for a Litecoin (LTC) exchange-traded fund (ETF) with the US Securities and Alternate Price (SEC) on Oct. 15.
Canary’s filing is the most main software for a Litecoin-linked problem ETF within the US and springs no longer up to per week after the asset supervisor’s XRP ETF filing on Oct. 8.Â
Canary Capital CEO and founder Steven McClurg used to be beforehand Valkyrie Investments chief investment officer, having co-founded the asset supervisor together with Leah Wald.Â
Different from Solana ETF filings
Alex Thorn, head of be taught at Galaxy Digital, steered CryptoSlate that Litecoin is customarily regarded as to have been a “truthful launch,” that design there used to be no pre-mine or token sale.Â
Furthermore, on epic of Litecoin is according to a proof-of-work consensus mannequin, there used to be no offering of LTC by any entity to public or non-public investors. Thorn added:
âThe SEC hasnât mentioned its discipline on the topic, but it absolutely’s unlikely that Litecoin would possibly well well moreover very successfully be regarded as to have been supplied as a security since there used to be no offering at all. Thus, issuers would possibly well well moreover light theoretically have the same pathway to launch problem-based Litecoin ETFs within the US as they did for Bitcoin.â
In step with Thorn, the same can no longer be mentioned about spot Solana ETFs for the reason that blockchain is according to a proof-of-stake consensus algorithm and conducted a token sale.
Thorn mentioned that this makes the initial launch truth pattern of Solana assorted from Bitcoin and Litecoin. Furthermore, the SEC currently alleges in its lawsuit in opposition to Coinbase that SOL is a “crypto asset security.”
Thorn mentioned:
â[This] is why some analysts have instantaneous that SOL ETF filings are bets on a Trump victory in November, as a exchange within the SEC’s potential to classifying crypto sources as securities would seemingly be required forward of the agency would approve the itemizing of SOL ETFs.âÂ
Market dominated by Grayscale
In step with Bloomberg ETF analyst James Seyffart, ETPs admire CoinShares’ LITE in Switzerland and ETC Community’s ELTC in Germany already preserve Litecoin. Meanwhile, the US market is currently finest tapped by the Grayscale Litecoin Have confidence (LTCN).
In step with a CoinShares say, the LTC funds supplied in Europe preserve $11.5 million in combined sources below administration (AUM), which represents no longer up to 10% of the entire AUM of Litecoin-associated ETPs globally.
Meanwhile, LTCN has $127.4 million in AUM, which makes up the remainder 93% of the money invested in Litecoin-associated ETPs worldwide.
Mentioned in this article
Litecoin 
Bitcoin 
XRP 
Solana 
Galaxy Digital 
Coinbase 
Grayscale Investments 
CoinShares 
Valkyrie 
James Seyffart
Gino Matos
Gino Matos is a law college graduate and a seasoned journalist with six years of expertise within the crypto alternate. His expertise primarily makes a speciality of the Brazilian blockchain ecosystem and trends in decentralized finance (DeFi).
Assad Jafri
AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. That specialise in financial journalism, he now makes a speciality of crypto reporting.
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On this article
Litecoin is a stumble on-to-stumble on Net forex that enables instantaneous, reach-zero cost funds to somebody within the field.
Bitcoin, a decentralized forex that defies the sway of central banks or directors, transacts electronically, circumventing intermediaries thru a stumble on-to-stumble on network.
The XRP Ledger is a decentralized cryptographic ledger powered by a network of stumble on-to-stumble on servers.
Solana is a excessive-efficiency blockchain platform that utilizes a particular consensus algorithm known as “Proof of Ancient previous” to map fast transaction speeds and low costs.
Galaxy Digital
Galaxy (TSX: GLXY) is a digital asset and blockchain leader providing access to the rising digital economy.
Coinbase
Coinbase is a digital forex exchange and wallet provider that enables participants to amass, sell, and retailer digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Grayscale Investments
Established in 2013 by Digital Currency Community, Grayscale Investments is a depended on authority on digital forex investing and cryptocurrency asset administration.
Valkyrie
Valkyrie Investments is a specialized replacement asset administration agency at the intersection of former finance and the rising digital asset sector which is headquartered in Nashville.
James Seyffart is a successfully-regarded analyst at Bloomberg Intelligence, specializing in Alternate-Traded Funds (ETFs) and the broader fund alternate.
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