After the filing of spot XRP ETF (Exchange Traded Fund) in the United States, Canary Capital Group has filed to launch a spot Litecoin ETF with the Securities and Exchange Commission (SEC). It appears that this one-month-old digital asset investment firm wants to become the leader in the world of Crypto ETF.
Canary Capital's Litecoin ETF
On October 15, 2024, the firm submitted Form S-1 with the US SEC and named this crypto product the “Canary Litecoin ETF.” However, the custodian and administrator were not mentioned in the filing.
In Form S-1, the firm stated that Canary Litecoin ETF provides investors with an opportunity to access LTC using a traditional brokerage account. The firm noted, “The Trust provides investors with the opportunity to access the market for XRP through a traditional brokerage account without the potential barriers to entry or risks involved with acquiring and holding XRP directly.”
With the filing of both XRP and Litecoin ETF, the firm is gaining significant attention from the crypto community as it was founded by Steven McClurg. Steven is the former CIO and Co-founder of Valkyrie Fund, which currently offers Bitcoin and Ethereum ETF in the United States.
Litecoins' Unique offer
Following the filing, Canary Capital made a statement that Litecoin plays a leading role in the broader cryptocurrency ecosystem and will attract massive attention from institutional investors. “Canary believes that Litecoin presents a unique and compelling opportunity for investors seeking exposure to a time-tested and reliable cryptocurrency,” the firm further noted.
“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.”
Looking at this latest development, Bloomberg's ETF expert James Seyffart posted on X (previously Twitter) that some ETPs already hold Litecoin apart from this filing, including one from CoinShares in Switzerland, ETC Group LLC in Germany, and Grayscale in the United States.