InvestmentmanagementfirmCanaryCapitalGroupofficiallyfiledFormS-1forthefirst-everLitecoinexchange-tradedfund(ETF)withtheUnitedStatesSecuritiesandExchangeCommissiononOctober15.CanaryCapitalconfirmedthattheCanaryLTCETFwillexposeinvestorstoLTCpricesprovidedbytheETFwhilereducingitsrisksandoperationalcosts.
TheLTCTrustwillensurethatinvestorshaveaneasywayofinteractingwiththecryptowhileavoidingthecomplexitiesofcryptotrading.Assuch,willinginvestorscanbuysharesoftheCanaryLTCETFandtradethemontheexchangeswheretheETFwillbelisted.ThetrustbehindtheETFwillsolelyholdtheLitecoinforthefund,whichwillalsotracktheETF’svalue.
CanaryCapitalGroupisaone-month-oldassetmanagementcompanycreatedbyStevenMcClurg,aformerexecutiveintheValkyrieFund.Stevenwastheco-founderandchiefinvestmentofficeroftheValkyrieGroup.Now,McClurgistheCEOofCanaryCapitalGroupandtheguidebehindtheCanaryLTCETF.
McClurgexplainedthereasonbehindthecreationofCanaryCapitalastheincreasingneedforcrypto-relatedofferings.Thefirmaimstodriveinnovationwhileofferingsolutionsbeyondretailproducts.Thefirmalsofocusesonriskmanagementincryptoinvestmentsand‘adaptive,strategic,foresight.’
CanaryCapitaldescribeswhyLitecoinisfavorableforanETF
CanaryCapitalexplainedthatLitecoinisafavorablecryptocurrencyforinvestorswhowanttoexploreadigitalassetthathaswithstoodthetestoftime.Litecoincelebratedits13thanniversaryonOctober13.Accordingtoon-chaindata,Litecoinisthelongest-standingblockchainthathasn’tsufferedanydowntime,makingitareliableoption.
Inthefiling,CanaryCapitalincludedotheraspectsofLitecoin,suchasitsfounder,CharlieLee,whohasbeensignificantlyinvolvedintheblockchain’sroadmap.Theinvestmentmanageralsooutlinedthecryptocurrency’ssupply,value,miningrewards,andmore.
Itisworthnotingthatotherassetmanagementcompanies,includingGrayscale,CoinShares,andBitwise,haverecognizedLitecoinasafavorableproductfortheirinvestors.ThethreeassetmanagementfirmshaveLitecoinexchange-tradedproducts,withthemostnotableonebeingtheGrayscaleLitecoinTrust.
CanaryCapitalfilesforanXRPETF
BREAKING:CanaryCapitaljustfiledanS-1foran$XRPETFwiththeSEC🔥‼️pic.twitter.com/GMWXzXcTi9
—MASONVERSLUIS(@MasonVersluis)October9,2024
TheCanaryCapitalGroup’ssteptofilingfortheCanaryLTCETFcomesaftertheassetmanagementfirmfiledforanXRPspotETF.Canary’sfilingcameafewdaysafterBitwisejoinedtheXRPETFrace.TheinvestmentmanagementfirmisnowthesecondcompanytofileforanXRPETF.
ACanaryCapitalspokespersonsaidonOctober8thatthemarketsshowedencouragingsignsofregulatorymaturity.Thespokespersonalsoconfirmedinvestors’growinginterestincryptocurrenciesbeyondBTCandETH.Thecompanyconfirmedthatmorepeoplearelookingforenterprise-gradesolutions,whichRippleanditstokenXRPrankedas.
ThetwofilingscomeaftertheU.S.SECfiledanoticeofappealwiththeU.S.CourtofAppeals.AccordingtoseveralXusers,thefilingsforXRPETFswiththeU.S.SECmightshowthatcryptofirmsnolongercarewhatthecommissionthinks.OthersalsobelievedtherenewedinterestinXRPETFscouldbringmoreattentiontoRipple’snativeassets.
cryptopolitan.com