Nasdaq Seeks SEC Approval for CoinShares XRP and Litecoin ETF
Date: 2025-02-11 Author: Gabriel Deangelo Categories: BUSINESS
The Nasdaq exchange has sent 19b-4 documents to the US Securities and Exchange Commission (SEC) to launch ETFs tracking the spot price of XRP and Litecoin. Thus, CoinShares intends to strengthen its presence in the US market amid possible changes in regulation. So far, the tickers of the new funds have not been disclosed.
According to Bloomberg analyst Eric Balchunas, the most likely candidate for SEC approval is an ETF based on Litecoin. Earlier, Canary Capital filed a similar application, and the SEC registered the request from Nasdaq in late February.
It is worth noting that in March 2024, the CFTC officially recognized Litecoin as a commodity in the KuCoin lawsuit, which caused a sharp increase in the LTC price by 11% in a day. This status may play a key role in a faster approval of the fund.
Analyst James Seyffarth also expressed the opinion that the chances of approval of the Litecoin ETF are higher than the XRP fund, since the status of XRP in the US remains uncertain due to the ongoing legal disputes around Ripple.
After the news was published, the Litecoin price rose by about 11%, reaching $ 117.6 with a total market capitalization of $ 8.9 billion. At the same time, XRP quotes remained at $ 2.4, and the capitalization was $ 139.84 billion, which indicates a restrained market reaction to the possible emergence of a new fund.
According to CoinShares, the recent correction in the crypto market has increased investor interest in cryptocurrency fund shares, which may contribute to the growing popularity of new ETFs.
