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Canary Capital’s recently filed amended S-1 form for its Canary Litecoin exchange-traded fund (ETF) could signal the altcoin may be the next digital asset in the United States to get the crypto ETF treatment, following Bitcoin and Ether in 2024. <\/p>\n
According to analysts from Bloomberg, the filing from Canary Capital on Jan. 15 seemingly confirmed industry “chatter” that Litecoin applications are being reviewed by the securities regulator.<\/p>\n
“[This] bodes well for our prediction that Litecoin is most likely to be the next coin approved,” Bloomberg ETF analyst Eric Balchunas said<\/a> on X — though he added that looming leadership change at the Securities and Exchange Commission remains a “huge variable.”<\/p>\n Amended S-1 registration statements<\/a> like Canary’s filing<\/a> are often made after the prospective ETF issuer has received feedback from the SEC.<\/p>\n However, Bloomberg ETF analyst James Seyffart noted<\/a> that Canary’s S-1 must be accompanied by a 19b-4 filing to start the potential approval or denial “clock.”<\/p>\n Solana is further ahead on this front, as ETF issuers Bitwise,<\/a> VanEck,<\/a> 21Shares<\/a> and Canary<\/a> filed 19b-4s for a spot Solana (SOL<\/a>) ETF in November.<\/a><\/p>\n Source: <\/em>Eric Balchunas<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n Canary amended provisions in its S-1 form related to its proposed agreements with crypto custodians Coinbase and BitGo in addition to various accounting, marketing, legal and tax matters.<\/p>\n If approved, Litecoin (LTC<\/a>) would become the third spot crypto ETF approved in the United States after Bitcoin (BTC<\/a>) and Ether (ETH<\/a>).<\/p>\n It comes as Litecoin rallied over 15% across Jan. 15-16 — outperforming all cryptocurrencies with a market cap of over $8 billion in that timeframe, CoinGecko data<\/a> shows.<\/p>\n Blockchain analytics firm Santiment attributed<\/a> the rise to Litecoin whales and “sharks” scooping up a combined 250,000 Litecoin worth around $29 million since Jan. 9.<\/p>\n Source: <\/em>Santiment<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n The amendment also comes days ahead of the inauguration of US President-elect Donald Trump<\/a>, who has assembled the most pro-crypto administration to date. <\/p>\n The SEC’s current chair, Gary Gensler, will be replaced<\/a> on the same day by Paul Atkins<\/a>, who previously served as an SEC commissioner between 2002 and 2008 — and many expect he will provide a friendlier crypto regulatory environment.<\/p>\n Related: <\/strong><\/em>BlackRock launches new Bitcoin ETF on Cboe Canada<\/strong><\/em><\/a><\/p>\n XRP (XRP<\/a>) is also in the running to be approved in spot ETF form by the SEC.<\/p>\n Analysts at JPMorgan predicted an SEC-approved spot Solana and XRP ETFs would attract between $3 billion to $6 billion<\/a> and $4 billion to $8 billion in net assets over the first year.<\/p>\n Balchunas said<\/a> spot Solana and XRP ETFs raking up a combined $14 billion in that time was a fairly “reasonable guess.”<\/p>\n