Canary Capital Files for Spot Litecoin ETF, LTC Soars Over 5%

Crypto investment company Canary Capital has filed for a spot Litecoin exchange-traded fund (ETF) with the United States Securities and Exchange Commission (SEC). If approved, this would allow the firm to offer U.S.-based retail and institutional investors an investment vehicle tied to LTC, Litecoin’s native coin.

First Spot Litecoin ETF

Since its inception in September 2024, Canary Capital has continuously shown its commitment to establishing a visible presence in the U.S. financial market. Steven McClurg, former co-founder of Valkyrie Funds, is at the helm of this new digital asset firm. He operates as Canary’s founder and CEO.

Earlier this month, the firm joined the waiting list for the spot XRP ETF, a fund that allows investors to gain exposure to Ripple’s flagship cryptocurrency, XRP. Bitwise made a similar move on October 2nd.

Notably, Canary is the first investment company to apply for the spot Litecoin ETF with the SEC. Still, the firm has yet to indicate the management fee and ticker for both ETFs it has applied for.

Litecoin, one of the earliest layer-1 blockchains, boasts a record of 100% network uptime, over 77 million transactions in 2024, and similar security to the Bitcoin network. The blockchain processed $2.85 billion in daily transactions at one point, surpassing most L1 blockchains.

Since Canary Capital submitted a Form S-1 to the SEC, the financial agency may likely review and comment on the application. The regulator must approve or deny the application if the investment firm submits a Form 19b-4 for its LTC ETF.

Although the SEC has approved the spot Bitcoin and Ethereum ETFs, it has yet to endorse any other crypto-backed ETF product. Currently, exchange-traded funds themed around SOL, XRP, and LTC are in the pipeline.

LTC Jumps Over 5%

Following the Litecoin ETF application news, LTC saw a sharp surge from $65.53 to $71.72, representing nearly a 10% surge.

At the time of writing, the coin has dropped to a trading price of $69, representing over a 5% surge in the past 24 hours.