Canary Capital Moves Closer to Launching First U.S. Spot Litecoin ETF
Canary Capital has taken a significant step towards launching the first U.S. spot ETF tracking Litecoin. The firm filed an S-1 amendment with the SEC, revealing the official ticker LTCC and a 0.95% annual sponsor fee. This move positions Litecoin as the next major altcoin set for institutional access.
The S-1 amendment typically signals the final stage before a spot ETF can launch. It usually discloses finalized tickers, custodians, and fees. In this case, Canary has disclosed that LTCC will be holding real Litecoin, held in custody by regulated providers like Coinbase Custody Trust and BitGo. The daily net asset value (NAV) will be calculated using various exchanges at around 4 p.m. ET.
The SEC initially faced an early-October decision deadline for Canary's Litecoin ETF but missed it due to limited staffing during the U.S. government shutdown. Once the SEC resumes full operations, Bloomberg analysts suggest near-term approval is likely. This would make LTCC the first U.S. spot ETF tracking Litecoin, a major milestone for institutional access to this long-standing digital asset.
Litecoin, often referred to as the 'silver to Bitcoin's gold', has a clearer compliance path due to its regulatory classification as a commodity. With the S-1 amendment filed, legacy investors will soon have the opportunity to be exposed to Litecoin's prices without handling the asset, carrying wallets, or dealing with exchange risks. This could significantly expand institutional access to Litecoin.
