Canary’s amended S-1 has analysts more confident a Litecoin ETF is next

Canary Capital’s just lately filed amended S-1 kind for its Canary Litecoin exchange-traded fund (ETF) may sign the altcoin often is the next digital asset within the United States to get the crypto ETF therapy, following Bitcoin and Ether in 2024.

According to analysts from Bloomberg, the submitting from Canary Capital on Jan. 15 seemingly confirmed business “chatter” that Litecoin functions are being reviewed by the securities regulator.

“[This] bodes well for our prediction that Litecoin is most likely to be the next coin approved,” Bloomberg ETF analyst Eric Balchunas mentioned on X — although he added that looming management change on the Securities and Exchange Commission stays a “huge variable.”

Amended S-1 registration statements like Canary’s submitting are sometimes made after the possible ETF issuer has acquired suggestions from the SEC.

However, Bloomberg ETF analyst James Seyffart famous that Canary’s S-1 have to be accompanied by a 19b-4 submitting to begin the potential approval or denial “clock.”

Solana is additional forward on this entrance, as ETF issuers Bitwise, VanEck, 21Shares and Canary filed 19b-4s for a spot Solana (SOL) ETF in November.

Canary amended provisions in its S-1 kind associated to its proposed agreements with crypto custodians Coinbase and BitGo along with varied accounting, advertising and marketing, authorized and tax issues.

If authorized, Litecoin (LTC) would turn out to be the third spot crypto ETF authorized within the United States after Bitcoin (BTC) and Ether (ETH).

It comes as Litecoin rallied over 15% throughout Jan. 15-16 — outperforming all cryptocurrencies with a market cap of over $8 billion in that timeframe, CoinGecko knowledge exhibits.

Blockchain analytics agency Santiment attributed the rise to Litecoin whales and “sharks” scooping up a mixed 250,000 Litecoin value round $29 million since Jan. 9.

The modification additionally comes days forward of the inauguration of US President-elect Donald Trump, who has assembled essentially the most pro-crypto administration to this point. 

The SEC’s present chair, Gary Gensler, can be changed on the identical day by Paul Atkins, who beforehand served as an SEC commissioner between 2002 and 2008 —  and plenty of count on he’ll present a friendlier crypto regulatory surroundings.

Related: BlackRock launches new Bitcoin ETF on Cboe Canada

XRP (XRP) is additionally within the operating to be authorized in spot ETF kind by the SEC.

Analysts at JPMorgan predicted an SEC-approved spot Solana and XRP ETFs would appeal to between $3 billion to $6 billion and $4 billion to $8 billion in internet belongings over the primary 12 months.

Balchunas mentioned spot Solana and XRP ETFs raking up a mixed $14 billion in that point was a pretty “reasonable guess.”

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