Canary Capital’s Litecoin ETF Edges Closer to Approval with DTCC Listing

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Canary Capitals Litecoin ETF Edges Closer to Approval with DTCC Listing

• Canary Capitals Litecoin ETF lands on DTCC under the ticker LTCC.
• Litecoin (LTC) hovers around $135.

Canary Capitals proposed Litecoin Exchange-Traded Fund (ETF) has been listed on the Depository Trust and Clearing Corporation (DTCC) system under the ticker LTCC. The listing does not guarantee regulatory approval but indicates that the necessary infrastructure for trading is being implemented.

DTCC probably handles trillions of dollars worth of securities transactions daily. It operates as a first-clearing and settlement provider of U.S. securities, covering active ETFs and pre-launch funds pending clearance.

A listing on the DTCC indicates readiness for trading but requires the U.S. Securities and Exchange Commissions (SEC) approval before the ETF can commence trading.

Canary Capital filed for a Litecoin ETF in October 2024. Similar filings have been made by companies such as Grayscale and CoinShares to the SEC.

Additionally, ETF experts such as Eric Balchunas and James Seyffart have been positive about the prospects of ETF approvals. They pointed out that Litecoins designation as a commodity by the Commodity Futures Trading Commission (CFTC) is a boost for the ETF with a 90% chance for Litecoin spot ETF approval.

If approved, the LTCC would become the first U.S. spot ETF for a cryptocurrency other than Bitcoin and Ethereum. It may pave the way for other altcoin-backed ETFs that will provide access to the digital currency market using regulated financial products.

Current Litecoin Market Outlook

Litecoin (LTC) has spiked 2.46% in the past 24 hours. It reflects investor optimism about the potential approval of its ETF. LTC has visited its daily low at $126.31 before the emergence of the bulls. Later, the Litecoin bulls pushed up the price to a high of $139.09.

At the time of writing, the altcoin traded at $135.05, with the daily trading volume increasing over 2% to $1.65 billion. Furthermore, the market has observed a liquidation of $3.57 million worth of Litecoin, as per Coinglass.