The crypto investment firm Canary Capital has submitted an S-1 filing to the SEC for the registration of a spot ETF based on Litecoin.
Details about the custodian and product administrator are not yet disclosed.
The filing states that Litecoin holds a significant place in the cryptocurrency ecosystem and is attractive to institutional investors.
Bloomberg analyst James Seyffart noted that for SEC approval, there must be a large and regulated futures market, which Litecoin currently lacks. He added that the chances of approval could increase with a change in SEC leadership, such as if Donald Trump wins the upcoming elections.
Previously, the company submitted a similar filing for an XRP-based fund. In October, digital asset manager Bitwise made a similar move, following Grayscale Investments a month earlier.
