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Nashville-based plus manager Canary Capital filed an S-1 form for a Litecoin (LTC) exchange-traded money (ETF) with the US Securities and Exchange Commission (SEC) connected Oct. 15.
Canary’s filing is the archetypal exertion for a Litecoin-linked spot ETF successful the US and comes less than a week aft the plus manager’s XRP ETF filing connected Oct. 8.
Canary Capital CEO and laminitis Steven McClurg was antecedently Valkyrie Investments main concern officer, having co-founded the plus manager on with Leah Wald.
Different from Solana ETF filings
Alex Thorn, caput of probe astatine Galaxy Digital, told CryptoSlate that Litecoin is mostly considered to person been a “fair launch,” meaning determination was nary pre-mine oregon token sale.
Additionally, due to the fact that Litecoin is based connected a proof-of-work statement model, determination was nary offering of LTC by immoderate entity to nationalist oregon backstage investors. Thorn added:
“The SEC hasn’t stated its presumption connected the matter, but it’s improbable that Litecoin could beryllium considered to person been offered arsenic a information since determination was nary offering astatine all. Thus, issuers should theoretically person the aforesaid pathway to motorboat spot-based Litecoin ETFs successful the United States arsenic they did for Bitcoin.”
According to Thorn, the aforesaid cannot beryllium said astir spot Solana ETFs since the blockchain is based connected a proof-of-stake statement algorithm and conducted a token sale.
Thorn stated that this makes the archetypal motorboat information signifier of Solana antithetic from Bitcoin and Litecoin. Furthermore, the SEC presently alleges successful its suit against Coinbase that SOL is simply a “crypto plus security.”
Thorn said:
“[This] is wherefore immoderate analysts person suggested that SOL ETF filings are bets connected a Trump triumph successful November, arsenic a alteration successful the SEC’s attack to classifying crypto assets arsenic securities would apt beryllium required earlier the bureau would o.k. the listing of SOL ETFs.”
Market dominated by Grayscale
According to Bloomberg ETF expert James Seyffart, ETPs similar CoinShares’ LITE in Switzerland and ETC Group’s ELTC successful Germany already clasp Litecoin. Meanwhile, the US marketplace is presently lone tapped by the Grayscale Litecoin Trust (LTCN).
According to a CoinShares report, the LTC funds offered successful Europe clasp $11.5 cardinal successful combined assets nether absorption (AUM), which represents little than 10% of the full AUM of Litecoin-related ETPs globally.
Meanwhile, LTCN has $127.4 cardinal successful AUM, which makes up the remaining 93% of the wealth invested successful Litecoin-related ETPs worldwide.
The station Canary Capital files S-1 exertion for archetypal spot Litecoin ETF successful the US appeared archetypal connected CryptoSlate.
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