Canary Capital Announces Plans for Litecoin-Focused Product Following Ripple ETF Filing
Canary Capital, a prominent asset manager, has recently unveiled its intentions to launch a litecoin-focused product just a week after filing for an ETF that would directly hold Ripple’s XRP token.
The proposed Canary Litecoin ETF would primarily hold LTC and establish its net asset value based on the CoinDesk Litecoin Price Index. This move comes as Litecoin celebrated its 13th anniversary on Sunday, with a market capitalization of nearly $5.3 billion, ranking 27th among crypto tokens according to CoinGecko data.
A Canary spokesperson highlighted litecoin’s strong foundation, citing its 100% uptime since inception and proven track record of security and reliability. The asset manager believes that litecoin’s role in the broader cryptocurrency ecosystem could make it appealing to a wider range of institutional investors.
This announcement follows Canary’s filing for a ripple (XRP) offering, as well as similar plans from fellow fund firm Bitwise. Additionally, VanEck and 21Shares have also filed for ETFs focused on solana (SOL).
While the Securities and Exchange Commission (SEC) would need to approve these proposals before the ETFs can launch, industry experts anticipate potential hurdles due to the lack of a regulated futures market for assets like LTC, XRP, and SOL.
Despite these challenges, Canary remains optimistic about the evolving regulatory landscape, pointing to the recent approvals of spot bitcoin and ether ETFs as positive indicators. The asset manager sees encouraging signs for the next phase of developments in the crypto space.
As the industry continues to navigate regulatory complexities, the launch of litecoin and ripple-focused ETFs could mark a significant milestone in expanding institutional access to a broader range of crypto assets. Stay tuned for updates on the approval process and potential implications for the market.
