Nasdaq filed a 19b-4 Kind on Jan.16 to listing and commerce the spot Litecoin (LTC) exchange-traded fund (ETF) registered by Canary Capital. Bloomberg senior ETF analyst Eric Balchunas sees this as the primary altcoin-related ETF approval in 2025.
Following an replace within the S-1 Kind filed by Canary, Balchunas said that its Litecoin ETF “has all of the containers checked.” He added:
” don’t see any cause why this is able to be withdrawn both given SEC gave feedback on the S-1, Litecoin is seen as commodity and there’s new SEC sheriff on the town.”
Earlier on Jan. 16, Bloomberg analyst James Seyffart highlighted that the modification on the S-1 Kind was no assure of approval. But, it’s a signal that the US Securities and Alternate Fee (SEC) is partaking with the matter.
After the Nasdaq submitting information, Seyffart stated that it would take a few weeks to verify the approval odds, because the SEC nonetheless has to acknowledge the Litecoin ETF utility.
He added that whereas current Solana (SOL) filings weren’t acknowledged, a Litecoin ETF would possibly extra doubtless obtain the regulator’s consideration. Seyffart reasoned that LTC just isn’t topic to the SEC’s accusations that it’s a safety, which boosts its odds.
Litecoin’s worth soared by almost 24% up to now 24 hours, sitting at $129.49 as of press time, in response to CryptoSlate knowledge. That is the biggest day by day acquire inside the 25 largest crypto by market cap.
Wave of approvals
Seyffart and Balchunas predicted a wave of ETF approvals would hit the market in 2025. The most certainly merchandise to obtain SEC approval have been the combined ETFs, monitoring Bitcoin (BTC) and Ethereum (ETH).
These merchandise obtained their first approvals in 2024 when the regulator accepted Hashdex and Franklin Templeton filings. The next merchandise on the road are Litecoin and Hedera (HBAR), and the prediction is true on observe.
Funds tied to XRP and SOL are additionally on the listing, though analysts consider they may endure delays because of the SEC lawsuits that contemplate these crypto as securities.
Nevertheless, President-elect Donald Trump is reportedly contemplating together with XRP, SOL, and USD Coin (USDC) within the US Nationwide Reserve. This might favor the chances of approval for spot XRP and SOL ETFs.