Canary Capital, a crypto asset management firm, has taken another step towards launching the first-ever US-listed Litecoin ETF. On Wednesday, the firm filed Form 19b-4 with the Securities and Exchange Commission (SEC), a crucial step in the ETF approval process.
This filing, made on behalf of Canary Capital, seeks to list the "Canary Litecoin ETF" on the Nasdaq exchange. Key appointments include Bancorp Fund Services as the fund administrator and US Bank NA as the cash custodian. Coinbase Custody Trust Company LLC will be responsible for the custody of Litecoin holdings.
This filing follows an amended Form S-1 submitted by Canary Capital on the same day. SEC certification and publication of Form 19b-4 in the Federal Register will officially initiate the ETF approval process.
Litecoin and the Potential of an ETF
Litecoin, a cryptocurrency launched in 2011, offers faster transaction speeds and lower fees compared to Bitcoin. It utilizes a different hashing algorithm, promoting a more decentralized mining process.
The potential approval of a Litecoin ETF could revitalize the cryptocurrency, which has recently seen a decline in daily active addresses. Anticipation of the ETF has already sparked renewed interest in Litecoin.
Canary Capital, led by former Valkyrie Funds co-founder Steven McClurg, has been actively pursuing this ETF. The firm initiated the process in October with a Nasdaq filing. The recent SEC filing now positions the company for the regulator's decision.
January 2025, Cryptoniteuae