Nasdaq has begun the regulatory process for the listing of Canary Capital's spot Litecoin Exchange-Traded Fund (Canary Litecoin ETF) by filing a Form 19b-4 with the Securities and Exchange Commission.
The filing represents an important milestone in the journey of Canary Litecoin ETF toward possible approval as the next cryptocurrency product to market.
Wednesday's filing of Form 19b-4 is the second of two steps required for approval. Earlier in the day, the firm filed an amended Form S-1.
The filing paves the way for an expansion of altcoin ETFs. Litecoin is typically faster and cheaper than its rivals in terms of transaction speed, and that makes the asset likely to be the next main digital asset to get SEC approval.
If cleared, US Bancorp Fund Services, LLC will act as the fund administrator. US Bank NA will provide cash custody services to Canary Litecoin ETF, while the custody related to the underlying Litecoin assets shall fall to Coinbase Custody Trust Company LLC.
Canary Capital has been active in pursuing a Litecoin ETF and remains the only issuer to date with an application for a Litecoin-based product. This is after the SEC approved Bitcoin and Ethereum ETFs in 2024.