As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed the rise and fall of countless investment vehicles, from dot-com stocks to subprime mortgages. In this ever-evolving landscape, the latest development that has caught my attention is Canary Capital’s filing for a Litecoin exchange-traded fund (ETF).
Investment company Canary Capital has applied to create a Litecoin Exchange-Traded Fund (ETF) within the United States.
The product aims to provide investors with direct exposure to the O.G. altcoin.
The filing mentions such risk factors as extreme volatility and the largely unregulated nature of digital assets.
It’s been pointed out by Canary Capital that Litecoin, a cryptocurrency established as far back as 2011, consistently demonstrates a solid history of both security and dependability within the realm of blockchain networks.
13 years ago this month marked Litecoin’s birthday. Though it may not have been in the spotlight, it has managed an impressive milestone this year – recording its highest transaction count yet in 2024, currently at over 77 million. Initially introduced as one of the early alternative cryptocurrencies, often compared to Bitcoin as “silver” to its “gold,” Litecoin remains a widely-used payment method on BitPay.
Despite being among the top 10 cryptocurrencies at one point, LTC has now dropped to 27th position on CoinGecko, falling behind tokens like Uniswap (UNI) and Sui (SUI). Originally a pioneer altcoin, Litecoin currently boasts a market capitalization of $5.1 billion.
The investment company is confident that the suggested ETF offering may generate substantial interest from institutional investors.
The move comes shortly after Canary Capita filed to launch an XRP ETF. It submitted Form S-1 for this product. Bitwise, the leading cryptocurrency index fund manager, was the first to submit a filing for an XRP ETF.
Currently, ETFs for Bitcoin and Ethereum have received approval from the SEC. Nevertheless, it seems unlikely that the SEC will grant approval for such products in the immediate future. Notably, major corporations like BlackRock have expressed no intention of pursuing altcoin ETFs at this time.
Read More
- LUNC PREDICTION. LUNC cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- USD ZAR PREDICTION
- VANRY PREDICTION. VANRY cryptocurrency
- USD CLP PREDICTION
- SEILOR PREDICTION. SEILOR cryptocurrency
- CKB PREDICTION. CKB cryptocurrency
- USD PHP PREDICTION
- FJO PREDICTION. FJO cryptocurrency
2024-10-15 22:05