LITECOIN ETF MAIN STEP: CANARY CAPITAL’S REVISED S-1 FILING
Canary Capital has filed a revised S-1 registration form with the U.S. Securities and Exchange Commission (SEC) to create a spot exchange-traded fund (ETF) for Litecoin (LTC). The move is seen as an indication of the SEC’s interest in the application.
According to the filing, the ETF will be managed by U.S. Bancorp Fund Services, while Coinbase Custody Trust and BitGo will hold custody of the fund’s Litecoin assets. Bloomberg Senior ETF Analyst Eric Balchunas said that following this development, the Litecoin ETF could be the next cryptocurrency ETF to be approved in the U.S.
However, the 19b-4 form, which is required for the ETF to start trading and must be filed by the exchange, has not yet been submitted. James Seyffart of Bloomberg Intelligence said that if the SEC approves the application, the timelines for potential rejection or approval will become clearer.
Litecoin was created in 2011 as a more efficient version of Bitcoin and is considered one of the oldest and most stable blockchains. The approval of this ETF could increase institutional interest in the cryptocurrency market and set a positive precedent for other altcoin ETFs to gain approval.
In conclusion, Canary Capital’s revised S-1 filing is a significant step for the Litecoin ETF. However, the filing of the 19b-4 application and SEC approval are critical to the ETF’s launch.
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