Nasdaq filed a 19b-4 Form on Jan.16 to list and trade the spot Litecoin (LTC) exchange-traded fund (ETF) registered by Canary Capital. Bloomberg senior ETF analyst Eric Balchunas sees this as the first altcoin-related ETF approval in 2025.

Following an update in the S-1 Form filed by Canary, Balchunas stated that its Litecoin ETF “has all the boxes checked.” He added: 

” don’t see any reason why this would be withdrawn either given SEC gave comments on the S-1, Litecoin is seen as commodity and there’s new SEC sheriff in town.”

Earlier on Jan. 16, Bloomberg analyst James Seyffart highlighted that the amendment on the S-1 Form was no guarantee of approval. Yet, it is a sign that the US Securities and Exchange Commission (SEC) is engaging with the matter.

After the Nasdaq filing news, Seyffart stated that it might take a couple of weeks to confirm the approval odds, as the SEC still has to acknowledge the Litecoin ETF application. 

He added that while recent Solana (SOL) filings were not acknowledged, a Litecoin ETF might more likely receive the regulator’s attention. Seyffart reasoned that LTC is not subject to the SEC’s accusations that it is a security, which boosts its odds.

Litecoin’s price soared by nearly 24% in the past 24 hours, sitting at $129.49 as of press time, according to CryptoSlate data. This is the largest daily gain within 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 likely products to receive SEC approval were the mixed ET

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Author: Gino Matos