SEC Accepts Nasdaq’s Application for Canary’s Litecoin ETF

The U.S. Securities and Exchange Commission (SEC) has accepted a 19b-4 form application from Nasdaq to amend rules that would allow the listing of a spot Litecoin ETF by Canary Capital.

First alt coin 19b-4 to be acknowledged, rest were told to withdraw by Genz SEC. Throw in the comments from SEC on the S-1 and this filing is by far the furthest along checking all the boxes. Q now is will this SEC wait the full 240 days or approve more rapidly. Unknown. https://t.co/iXwq9PkLGr

— Eric Balchunas (@EricBalchunas) January 29, 2025

The agency has requested public comments, with the feedback period lasting 21 days following the document’s publication in the Federal Register.

Canary submitted an S-1 form for the registration of an LTC-ETF in October 2024. According to Bloomberg exchange analysts Eric Balchunas and James Seyffart, the SEC has begun discussions on the proposal, and the company is already making the required adjustments.

The launch of the exchange product will be possible after the regulator approves both documents, but only after the registration of the 19b-4 will the countdown for the agency’s final decision begin.

“The question now is whether the SEC will wait the full 240 days or approve more rapidly. Unknown,” noted Balchunas.

He emphasized that among all potential issuers of such altcoin-based products, Canary has “advanced the furthest on all fronts.”

The price of Litecoin rose by more than 13% in a day. By comparison, Bitcoin’s value increased by 2.6% during the same period, while the total market capitalization of the crypto market grew by only 0.7%.

The SEC is currently reviewing at least five applications for a Solana ETF—from VanEck, 21Shares, Canary, Bitwise, and Grayscale.

In November, 21Shares and Bitwise filed documents to launch spot XRP products. The latter took steps in January 2025 to register a DOGE-ETF.

Industry experts have optimistically assessed the prospects for the approval of new crypto funds in the U.S., pointing to personnel changes in the government and the departure of SEC head Gary Gensler from his position.