Canary Capital Group Files Form S-1 Registration Statement With the U.S. SEC, Proposing Spot XRP and Litecoin (LTC) ETFs

Canary Capital Group, a recently established digital asset investment firm led by former Valkyrie Funds co-founder Steven McClurg, has taken another step toward establishing itself as a leader in the spot crypto ETF market in the U.S.

Fresh off filing for the first spot XRP exchange-traded fund (ETF) in the U.S., Canary Capital Group has now submitted a Form S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) to launch an ETF tied to Litecoin (LTC).

Announced on 15 October 2024, the filing marks the first time an application has been made for a spot ETF linked to LTC. As is standard procedure for introducing new funds on an exchange, Canary must also submit Form 19b-4, which signals a proposed rule change to the exchange where the ETF would be listed, pushing the application into the next phase of regulatory review.

The move by Canary comes as several other firms, including Bitwise Asset Management and VanEck, are also vying for SEC approval of various crypto-related ETFs, ranging from XRP to Solana.

As of 14 October 2024, there were 14 crypto ETF applications pending before the SEC, including those from First Trust, Global X, Invesco, ProShares, and Valkyrie Funds, among others. Of these, seven applications are for spot ETFs, while the remaining are for futures-based funds.

The approval of these funds could provide institutional and retail investors with greater access to XRP and Litecoin within traditional financial markets.

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