A Litecoin ETF might soon be approved in the US, with just one out of the four Canary ETF submissions progressing forward. An amendment to the S-1 form and the latest filing of a 19b-4 form by Nasdaq is signaling that the SEC is likely to more forward and approve.
If given the green light, Litecoin would be the third spot crypto ETP approved in the United States, following Bitcoin at $1960B market cap and Ethereum at $402B market cap.
Litecoin currently stands at 8.9B …
Senior ETF Analyst for Bloomberg Eric Balchunas posts on X yesterday was quoted as saying:
"We had heard chatter that the Litecoin S-1 had gotten comments back from SEC. This looks to confirm that which bodes well for our prediction that Litecoin is most likely to be the next coin approved"
James Seyffart from Bloomberg noted that a 19b-4 filing would need to follow, with that next step now being initiated as NASDAQ has filed a 19b-4 for the Canary Litecoin ETF, officially starting the clock with a post from Nate Geraci.
The 19b-4 filing, along with Canary Capital's amended S-1 form submitted on Wednesday, fulfills two crucial documents needed to obtain the SEC's approval, increasing the likelihood of a Litecoin spot ETP being approved soon.
Litecoin is uniquely positioned as the only other cryptocurrency sharing all of Bitcoin's key properties, including security, capped supply, and block reward distribution with more investors having access to a second bitcoin like crypto, a Litecoin Spot ETF could be a huge catalyst.
Its growing adoption for payments, particularly on platforms like BitPay, further underscores its actual utility as money.
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