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.
On 8 October 2024, the firm filed a Form S-1 registration statement with the U.S. Securities and Exchange Commission (SEC), which is a critical step under the Securities Act of 1933 for companies seeking to offer securities to the public. This filing marked Canary's first attempt at launching a spot XRP ETF. The Form S-1 contains comprehensive details about the company's financials and the terms of the security offering. While this was an important milestone, the firm must also submit Form 19b-4 -- a filing that signals a proposed rule change to the exchange where the ETF would be listed, pushing the application into the next phase of regulatory review.
On 15 October 2024, just a week after its XRP ETF filing, Canary Capital made another significant move by submitting a Form S-1 for a Litecoin (LTC) ETF. This makes Canary the first to propose a spot ETF tied to Litecoin, further positioning the firm as a key player in the competitive crypto ETF landscape. As with the XRP ETF, the LTC ETF also requires the filing of Form 19b-4 for the final go-ahead from the SEC.
Introducing these funds could pave the way for broader access to XRP and Litecoin in traditional financial markets, potentially a major win for institutional and retail investors alike. These filings come as other firms, such as Bitwise Asset Management and VanEck, also compete for SEC approval of various crypto-related ETFs, ranging from XRP to Solana.
At the time of writing, LTC was trading at $66.18, down 1.3% in the past 24-hour period.