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Canary Capital has filed for a Litecoin ETF

An old familiar name suddenly back in the spotlight: the asset manager Canary Capital unexpectedly filed an application with the U.S. securities regulator (SEC) for a Litecoin spot ETF, according to.

By Mike Hesp
• 2 min read
Canary Capital has filed for a Litecoin ETF

An old familiar name suddenly back in the spotlight: the asset manager Canary Capital unexpectedly filed an application with the U.S. securities regulator (SEC) for a Litecoin spot ETF, according to a formal document.

For many newcomers to the world of cryptocurrency, Litecoin might not be very familiar, but during the 2017/2018 bull market it was regularly traded as the number 3 behind Bitcoin and Ethereum. The advantage of Litecoin is that it offers fast and cheap transactions.

Litecoin is an open-source blockchain project based on Bitcoin's code. While this year several "non-traditional" ETF issuers have launched crypto funds, this is the first filing for a Litecoin index fund.

Thanks to the positive news, Litecoin's value has risen 5.68% over the past 24 hours. Compared with last week, the price is up 7.52%.

Recently Canary, a Sydney-based investment company, also made headlines with an application for a Ripple (XRP) ETF. Still, odds of quick approval for both applications are slim.

It remains unclear whether the Litecoin price can sustainably benefit from the planned index fund. At the moment the coin ranks 21st among the largest cryptocurrencies, indicating it has lost some relevance in recent years.

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