Canary Capital’s Litecoin ETF is reportedly close to approval from the United States Securities and Exchange Commission (SEC) after its recent amendment of its filing.
According to Bloomberg analyst Eric Balchunas, the firm received feedback from the regulatory body on its S-1 form filing, a move that the analyst says bodes for an approval process.
Eric Balchunas predicts a Litecoin ETF approval soon
Canary Capital submitted an S-1 form filing for its Litecoin ETF in October 2024. On Wednesday, the firm confirmed that it had submitted an updated filing after amending as called out by the regulator.
ETF analyst James Seyffart noted that the proposed amendment by the regulator signals an engagement with the filing. However, he claimed that the regulator needs to order a 19b-4 filing, a move that would confirm the approval of the ETF.
Eric Balchunas also predicted that the LTC ETF could be the next one approved by the regulator. “We had heard chatter that the Litecoin S-1 had gotten comments back from the SEC. This looks to confirm that, which bodes well for our prediction that Litecoin is most likely to be the next coin approved,” he said.
However, Balchunas noted that the incoming SEC Chair may have a role to play in the approval. Donald Trump already nominated pro-crypto Paul Atkins got the role, pending approval from the Senate. If it is confirmed, he will take over from Gensler, who is set to leave the role on Monday.
According to reports, Canary Capital had initially filed for a Solana ETF back in October. Per its filing, the company said it wanted to provide exposure to the price of the asset. The company lauded the contribution of Solana DeFi to its ecosystem, noting on-chain active addresses amid other metrics. The company is also waiting for the approval of its XRP ETF, a filing that it made on October 8.