Nasdaq Files for XRP and Litecoin ETFs from CoinShares

Nasdaq has submitted forms 19b-4 to the SEC for the launch of exchange-traded funds tracking the spot price of XRP and Litecoin from CoinShares.

With these new instruments, the European issuer aims to expand its presence in the U.S. market amid an anticipated easing of regulatory conditions. The fund tickers have not yet been announced.

According to Bloomberg analyst Eric Balchunas, the LTC-ETF is likely to be the next fund approved by the Commission.

Previously, Canary Capital submitted an application for a similar instrument. The SEC accepted the corresponding request from Nasdaq at the end of February.

In March 2024, the CFTC declared Litecoin a commodity during legal proceedings with the KuCoin exchange, which triggered an 11% daily increase in the asset’s value. This status gives LTC an advantage in terms of potential regulatory resistance.

Balchunas’s colleague James Seyffart also believes that the LTC-ETF will be approved before the XRP funds, considering the ambiguous legal status of Ripple’s asset in the U.S.

Following the news, the price of Litecoin rose by approximately 11%. At the time of writing, the coin is trading at $117.6 with a market capitalization of $8.9 billion.

XRP quotes remained around $2.4 with a market capitalization of $139.84 billion. The asset showed little reaction to the application filing.

According to CoinShares, the recent market correction has heightened investor interest in cryptocurrency fund shares.