It is with no small measure of astonishment that one learns of Nasdaq’s recent endeavor to secure the esteemed approval of the U.S. Securities and Exchange Commission, commonly referred to as the SEC, for the introduction of two novel cryptocurrency exchange-traded funds, or ETFs, as they are rather fashionably termed. These funds, one dedicated to the illustrious XRP and the other to the ever-popular Litecoin, have been brought forth by the enterprising CoinShares.
On the twentieth day of January, Nasdaq, in a manner reminiscent of a gentleman making a proposal of marriage, submitted a filing known as 19b-4. This document is, as one might say, a requisite for any exchange wishing to unveil new financial products, much like a debutante presenting herself at a ball.
The filing, in its rather formal tone, declares, “The Exchange proposes to list and trade the Shares under Nasdaq Rule 5711(d), which governs the listing and trading of Commodity-Based Trust Shares on the Exchange.” One cannot help but marvel at the pomp and circumstance surrounding such proceedings!
Earlier in the same month, CoinShares had the audacity to submit an S-1 form for the launch of these ETFs, a move that follows the rather successful debut of Bitcoin and Ethereum ETFs the previous year. It appears that the crypto market is not merely a passing fancy but rather a burgeoning affair that has captured the hearts and minds of investors.
Bloomberg’s senior ETF analyst, the astute Eric Balchunas, has observed that the Litecoin ETF may very well be the first altcoin ETF to receive approval under the Trump administration. Given Mr. Trump’s rather favorable disposition towards cryptocurrency and the anticipated regulatory changes, one might say that optimism for crypto ETFs is positively bubbling over like a well-shaken bottle of champagne! 🍾
Moreover, Grayscale has also thrown its hat into the ring with applications for its Solana and Litecoin Trusts ETFs, while the venerable BlackRock is poised to update its iShares Bitcoin Trust ETF. It seems that the world of finance is abuzz with activity, much like a lively soirée.
In addition, the CBOE BZX Exchange has submitted its own 19b-4 applications for XRP ETFs in collaboration with Bitwise, Canary Capital, 21Shares, and WisdomTree. Given the SEC’s current inclination towards a more crypto-friendly stance, one might venture to predict that these filings are likely to meet with approval. How delightful it would be to witness such a transformation in the financial landscape!
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2025-02-10 21:56