Canary’s Litecoin ETF takes big step towards Nasdaq listing

Key document advances Canary’s spot Litecoin ETF proposal

Nasdaq has taken a key step toward listing Canary Capital’s spot Litecoin ETF by filing a Form 19b-4 with the U.S. Securities and Exchange Commission, starting the regulatory review clock for what could be the next cryptocurrency exchange-traded fund.

The move signals a possible expansion of the cryptocurrency ETF landscape beyond Bitcoin and Ethereum, with Litecoin, a digital asset known for faster transaction speeds and lower costs, positioned as the next under SEC consideration. a candidate.

Canary Capital filed an amended S-1 registration statement on Wednesday, prompting Bloomberg ETF analyst James Seyffart to note on X that while it indicated SEC involvement, a 19b-4 filing was required to initiate the approval process. Hours later, Nasdaq filed the important document.

Eric Balchunas, senior ETF analyst at Bloomberg, wrote on Most likely to become reality” next coin approved. "

While JPMorgan analysts expect Solana and the XRP ETF could attract $3 billion to $8 billion in the first year, Litecoin has unique attributes that make it stand out in the market, according to a recent research note.

Read more: JP Morgan: SEC’s cryptocurrency shift could bring Solana, XRP ETP

Created in 2011, Litecoin processes transactions approximately four times faster than Bitcoin and has lower fees. Cryptocurrencies use unique hashing algorithms that facilitate more decentralized mining compared to the Bitcoin system.

According to the S-1 registration statement, the proposed ETF would hold actual Litecoin rather than futures contracts, with Coinbase Custody Trust Company and BitGo Trust Company serving as custodians.

According to data from CoinMarketCap, Litecoin has gained more than 23% in the past 24 hours, outperforming all cryptocurrencies with a market capitalization of more than $9 billion during the same period.

The timing coincides with broader changes in the regulatory environment as current SEC Chairman Gary Gensler prepares to be succeeded by Paul Atkins, who served as SEC chairman from 2002 to 2008 Commissioner.

Canary filed its initial Litecoin ETF S-1 registration statement in October 2024.