Is Litecoin About to Make History? Nasdaq’s Bold Move Could Change Everything!

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Canary Capital has filed a 19b-4 form with the U.S. Securities and Exchange Commission (SEC), which is backed by Nasdaq. This submission initiates the formal evaluation period for approving a Litecoin spot-based exchange-traded fund (ETF), proposed by Canary Capital.

Making the submission is a vital move in the regulatory journey, potentially opening the path for Litecoin to follow Bitcoin and Ethereum as the next U.S.-approved cryptocurrencies listed in an Exchange-Traded Fund (ETF).

Nasdaq Files 19b-4 for Canary Litecoin ETF

On January 16, Nasdaq submitted Form 19b-4, which was a response to Canary Capital’s revised S-1 filing made earlier that week. Together, these submissions meet crucial conditions necessary for the Securities and Exchange Commission (SEC) to assess the Exchange-Traded Fund (ETF) proposal.

Based on the provided information, it’s detailed that U.S. Bancorp Fund Services, LLC takes on the role as the fund administrator. Meanwhile, U.S. Bank N.A. is in charge of overseeing the safekeeping of the ETF’s cash assets. Lastly, Coinbase Custody Trust Company LLC assumes responsibility for securely managing the Litecoin held by the fund.

19b-4 filings are crucial documents that exchanges submit to kick off the Securities and Exchange Commission’s (SEC) formal approval process for Exchange Traded Funds (ETFs). Once submitted, the filing triggers the beginning of a 240-day review period during which the SEC will either approve, reject, or ask for more details about the application.

In a recent update on platform X, Eric Balchunas, Senior ETF Analyst at Bloomberg, characterized the filing as a “favorable indication.” This implies that Litecoin might be the upcoming digital currency to secure authorization for a direct-listing Exchange Traded Fund (ETF).

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2025-01-16 20:11