Oh my dears, gather ’round for a tale as peculiar as a 🐪 in a tutu! Litecoin (LTC), that cheeky digital nugget, has done the impossible – it’s jumped 11%, now prancing about at $127.18, all thanks to a nod from the mighty SEC. Yes, the very same SEC that makes 🐍 seem friendly! They’ve acknowledged Canary Capital’s application for a Litecoin ETF, and if this isn’t the plot twist of the century, I don’t know what is!
Should this ETF proposal pass the scrutiny of the SEC’s eagle-eyed inspectors, it’ll be the first altcoin ETF to do so, a feat grander than winning a staring contest with a 🦁! Bloomberg’s senior ETF analyst, Eric Balchunas, reckons this proposal has played its way through the regulatory hurdles like a pro, leaving its competitors green with envy.
First alt coin 19b-4 to be acknowledged, rest were told to withdraw by Genz SEC. Throw in the comments from SEC on the S-1 and this filing is by far the furthest along checking all the boxes. Q now is will this SEC wait the full 240 days or approve more rapidly. Unknown.
— Eric Balchunas (@EricBalchunas) January 29, 2025
LTC, with its uncanny resemblance to Bitcoin, has always been the “silver to Bitcoin’s gold,” and now, it’s on the brink of becoming a crypto ETF superstar. Canary Capital, a firm with the audacity of a 🦀 crossing a busy road, has already filed an S-1 registration, paving the way for accredited and institutional investors to dip their toes into the Litecoin pond.
And just when you thought things couldn’t get any more exciting, Canary Capital applied to create an XRP-based ETF a week prior. The suspense is enough to make even the most stoic 🦔 sweat! Balchunas wonders if the SEC will take the full 240-day review period or if they’ll surprise us all with a speedy approval.
But wait, there’s more! Nasdaq has filed for a spot Litecoin fund application, marking the beginning of the end of this thrilling saga. If Nasdaq gets the green light, they’ll list the Litecoin investment product from Canary Capital, turning this story into a 🎉-worthy event!
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2025-01-30 13:25