Canary Capital announced plans to release a product focused on litecoin just one day after submitting an application for an exchange-traded fund (ETF) that will directly hold Ripple XRP.
Canary Litecoin ETF, proposed by the asset manager. “hold LTC and establish its net asset value on each business day by reference to the CoinDesk Litecoin Price Index,” The Tuesday filing note
On Sunday, Litecoin celebrated its 13th birthday. LTC’s market capitalization stands at nearly $5.3 billion — the 27th-highest among crypto tokens, according to CoinGecko data.
“As one of the longest-running blockchains with 100% uptime since its inception, litecoin has demonstrated a proven track record of security and reliability with significant enterprise-grade use cases,” In an email, a Canary representative said. “With its strong foundation, litecoin continues to play a leading role in the broader cryptocurrency ecosystem, which Canary believes could make it attractive to a wider range of institutional investors.”
Canary filed to offer a ripple product (XRP). Bitwise, a fellow fund company, revealed its plans just a few days prior for launching XRP-based product.
They follow VanEck’s filing for ETFs holding solana directly (SOL).
The Securities and Exchange Commission would have to approve these proposals before the ETF could launch — a process that typically takes months.
Although the US regulator has approved ETFs for spot Bitcoin and Ether in January and in July respectively, observers in the industry have warned that products focusing on other crypto assets than BTC or ETH may face obstacles in the short term.
The SEC, for example, has historically wanted to first see a regulated futures market for a spot crypto ETF’s underlying asset — like those for bitcoin and ether. LTC, XRP and SOL do not have any futures markets.
Canary Capital’s spokesperson said to Blockworks at the beginning of this month there were still some issues. “encouraging signs of a more flexible regulatory environment.”
“This year’s approval of the spot Ethereum ETFs, following the earlier spot bitcoin ETF approvals, signals positive momentum, especially considering how long it took for ETH futures products to be approved,” The representative said. “We’re optimistic about the next phase of developments in the space.”
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