{"id":4976,"date":"2025-01-02T03:16:42","date_gmt":"2025-01-02T03:16:42","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=4976"},"modified":"2025-01-02T03:16:42","modified_gmt":"2025-01-02T03:16:42","slug":"canary-capital-files-s-1-application-for-first-spot-litecoin-etf-in-the-us","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=4976","title":{"rendered":"Canary Capital files S-1 application for first spot Litecoin ETF in the US"},"content":{"rendered":"
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Nashville-based asset manager Canary Capital filed an S-1 form<\/a> for a Litecoin (LTC<\/a>) exchange-traded fund (ETF) with the<\/span> US Securities and Exchange Commission (SEC) on Oct. 15.<\/span><\/p>\n

Canary\u2019s filing is the first application for a Litecoin-linked spot ETF in the US and comes less than a week<\/a> after the asset manager\u2019s XRP<\/a> ETF <\/span>filing on Oct. 8.\u00a0<\/span><\/p>\n

Canary Capital CEO and founder Steven McClurg was previously Valkyrie Investments<\/a> chief investment officer, having co-founded the asset manager along with Leah Wald.\u00a0<\/span><\/p>\n

Different from Solana ETF filings<\/h2>\n

Alex Thorn, head of research at Galaxy Digital<\/a>, told C<\/em>ryptoSlate<\/i> <\/span>that Litecoin is generally considered to have been a \u201cfair launch,\u201d meaning there was no pre-mine or token sale.\u00a0<\/span><\/p>\n

Additionally, because Litecoin is based on a proof-of-work consensus model, there was no offering of LTC by any entity to public or private investors. Thorn added:<\/span><\/p>\n

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\u201cThe SEC hasn\u2019t stated its position on the matter, but it\u2019s unlikely that Litecoin could be considered to have been offered as a security since there was no offering at all. Thus, issuers should theoretically have the same pathway to launch spot-based Litecoin ETFs in the United States as they did for Bitcoin.\u201d<\/strong><\/p>\n<\/blockquote>\n

According to Thorn, the same cannot be said about spot\u00a0Solana<\/a> <\/strong>ETFs since the blockchain is based on a proof-of-stake consensus algorithm and conducted a token sale.<\/span><\/p>\n

Thorn stated that this makes the initial launch fact pattern of Solana different from Bitcoin<\/a> <\/strong>and Litecoin. Furthermore, the SEC currently alleges in its lawsuit against Coinbase<\/a> <\/strong>that SOL is a \u201ccrypto asset security.\u201d<\/span><\/p>\n

Thorn said:<\/span><\/p>\n

\n

\u201c[This] is why some analysts have suggested that SOL ETF filings are bets on a Trump victory in November, as a change in the SEC\u2019s approach to classifying crypto assets as securities would likely be required before the agency would approve the listing of SOL ETFs.\u201d\u00a0<\/strong><\/p>\n<\/blockquote>\n

Market dominated by Grayscale<\/strong><\/h2>\n

According to Bloomberg ETF analyst James Seyffart,<\/span>\u00a0ETPs like CoinShares\u2019 <\/span>LITE<\/a> <\/strong>in Switzerland\u00a0and ETC Group\u2019s <\/span>ELTC<\/a><\/strong> in Germany already hold Litecoin. Meanwhile, the US market is currently only tapped by the Grayscale<\/a> Litecoin Trust (LTCN).<\/span><\/p>\n

According to a CoinShares report<\/a><\/strong>, the LTC funds offered in Europe hold $11.5 million in combined assets under management (AUM), which represents less than 10% of the total AUM of Litecoin-related ETPs globally.<\/span><\/span><\/p>\n

Meanwhile, LTCN has $127.4 million in AUM, which makes up the remaining 93% of the money invested in Litecoin-related ETPs worldwide.<\/span><\/p>\n

The post Canary Capital files S-1 application for first spot Litecoin ETF in the US<\/a> appeared first on CryptoSlate<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Nashville-based asset manager Canary Capital filed an S-1 form for a Litecoin (LTC) exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC) on Oct. 15. Canary\u2019s filing is the first application for a Litecoin-linked spot ETF in the US and comes less than a week after the asset manager\u2019s XRP ETF filing on […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-4976","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/4976","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4976"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/4976\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4976"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4976"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4976"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}