Spot ETF Hype for Surprise Altcoin: Countdown for SEC’s Decision Begins

Nasdaq has taken a significant step toward approval for its spot Litecoin ETF by filing Form 19b-4 with the U.S. Securities and Exchange Commission (SEC). The application for Canary Capital’s “Canary Litecoin ETF” was submitted yesterday, marking the beginning of the SEC’s formal review process. According to the filing, US Bancorp Fund Services, LLC will serve as the ETF’s manager, with US Bank NA overseeing the ETF’s cash assets. Coinbase Custody Trust Company LLC will oversee the fund’s Litecoin holdings. The 19b-4 filing represents the second phase of a two-step process following Canary Capital’s amended S-1 filing earlier the same day. A 19b-4 form is required for an exchange to seek SEC approval on behalf of an ETF issuer, which kicks off the clock on the regulator’s decision-making timeline. Related News: BREAKING: Coinbase Futures Announces the Listing of Three New Altcoins After the SEC approved Bitcoin ETFs in January 2024 and Ethereum ETFs later that year, firms are racing to launch similar products tied to other cryptocurrencies, including Solana and XRP. Citing recent developments, Bloomberg Senior ETF Analyst Eric Balchunas expressed optimism about the chances of a Litecoin ETF. “We had heard that the Litecoin S-1 was receiving comments from the SEC,” Balchunas wrote on X (formerly Twitter). “This bodes well for our prediction that Litecoin will likely be the next coin approved,” he added. Canary Capital initially filed the S-1 for the Litecoin ETF in October 2024. *This is not investment advice. Continue Reading: Spot ETF Hype for Surprise Altcoin: Countdown for SEC’s Decision Begins