Nasdaq Files for Canary Capital’s Litecoin ETF Approval
The Nasdaq has filed form 19b-4 to trade Canary Capital’s Litecoin ETF, indicating progress towards the launch of the first altcoin ETF in 2025. This follows an amendment to its form S-1 based on SEC feedback.
- Analysts expect SEC approval soon, with ETF expert Nate Geraci confirming that all necessary steps are completed.
- Eric Balchunas highlighted the SEC's favorable view of Litecoin as a commodity and recent leadership changes at the SEC.
- Canary Capital is currently the sole contender for a Litecoin ETF, giving it a competitive advantage.
- An approved ETF could boost Litecoin, which has seen low daily active addresses and development struggles.
- The ETF announcement has sparked renewed interest among large investors, or “whales.”
- Litecoin's commodity designation simplifies the approval process compared to other altcoins.
- If approved, Canary Capital could establish itself as a leader in the market by being the first mover.
- The ETF buzz has already increased Litecoin’s price and trader interest.
- Approval would make Litecoin the third cryptocurrency with an ETF in the US market.
Canary Capital’s efforts could lead to significant market changes for Litecoin pending SEC approval.