Canary Capital Plans to Launch a Litecoin ETF

Reading Time: < 1 minute

Canary Capital has announced its intention to launch a product focused on Litecoin, just a week after filing for an ETF that would directly hold Ripple’s XRP token.

The proposed Canary Litecoin ETF, according to the filing on Tuesday, would hold LTC and establish its net asset value based on the CoinDesk Litecoin Price Index.

On Sunday, Litecoin celebrated its 13th year since its creation, and currently has a market capitalization of over $5.3 billion, placing it in the 27th spot among all cryptocurrencies, according to CoinGecko data.

A spokesperson for Canary stated that Litecoin’s status as one of the longest-running blockchains with no downtime since its inception, along with its proven security and reliability, as well as its use cases in enterprise, make it an attractive investment for institutional investors in the broader cryptocurrency market.