In a moment that could only be described as a curious twist of fate, the esteemed Canary Capital has seen its spot Litecoin ETF grace the hallowed halls of the Depository Trust and Clearing Corporation, now adorned with the illustrious ticker LTCC. This event, akin to a peasant discovering a hidden treasure, marks a significant stride toward what some might dare to call a potential launch.
Yet, let us not be too hasty in our celebrations, for this listing, which made its grand appearance on the DTCC late on a Thursday, February 20, does not guarantee the warm embrace of regulatory approval. Rather, it serves as a mere whisper of hope, indicating that the necessary infrastructure for trading is being constructed, brick by brick, much like a humble abode in the countryside.
The DTCC, that venerable institution, stands as a crucial clearing and settlement provider for U.S. securities, listing both the active ETFs and those pre-launch funds that await the nod of approval. Alas, the ETF still requires the blessing of the U.S. Securities and Exchange Commission before it can embark on its trading journey.
Canary Capital, in its wisdom, first filed for its Litecoin (LTC) ETF in the autumn of 2024, ahead of similar applications from the likes of Grayscale and CoinShares. Should the stars align and approval be granted, it would herald the arrival of the first U.S. spot ETF for a cryptocurrency beyond the well-trodden paths of Bitcoin (BTC) and Ethereum (ETH), potentially paving the way for a veritable cornucopia of altcoin-based ETFs.
As the SEC diligently reviews the application, following Nasdaq’s 19b-4 filing for the fund, the agency has opened the proposal for public comments. It has a generous 90 days from February 4 to reach a decision, a timeline that feels both like an eternity and a fleeting moment in the grand tapestry of time.
While this does not mean the ETF is ready to leap into action, it does indicate that the issuer is preparing for the day when it can. We remain at a 90% chance of success. $LTCC
— Eric Balchunas (@EricBalchunas) February 21, 2025
In the wake of this news, Litecoin has experienced a delightful surge of 4% in the past 24 hours, a reflection of the burgeoning optimism among investors regarding the ETF’s potential approval.
Santiment, in its infinite wisdom, reports that Litecoin has outpaced several leading cryptocurrencies, witnessing a remarkable 46% increase in its market capitalization between February 2 and February 19. During this period, it also recorded a staggering daily transaction volume of $9.6 billion, a figure that would make even the most seasoned merchant raise an eyebrow in astonishment.
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2025-02-21 06:37