The post Analysts believe spot Litecoin ETF likely to be the first altcoin approval as Nasdaq files listing application appeared on BitcoinEthereumNews.com.

Nasdaq filed a 19b-4 Form on Jan.16 to list and trade the spot Litecoin (LTC) exchange-traded fund (ETF) registered by Canary Capital. Bloomberg senior ETF analyst Eric Balchunas sees this as the first altcoin-related ETF approval in 2025. Following an update in the S-1 Form filed by Canary, Balchunas stated that its Litecoin ETF “has all the boxes checked.” He added:  ” don’t see any reason why this would be withdrawn either given SEC gave comments on the S-1, Litecoin is seen as commodity and there’s new SEC sheriff in town.” Earlier on Jan. 16, Bloomberg analyst James Seyffart highlighted that the amendment on the S-1 Form was no guarantee of approval. Yet, it is a sign that the US Securities and Exchange Commission (SEC) is engaging with the matter. After the Nasdaq filing news, Seyffart stated that it might take a couple of weeks to confirm the approval odds, as the SEC still has to acknowledge the Litecoin ETF application.  He added that while recent Solana (SOL) filings were not acknowledged, a Litecoin ETF might more likely receive the regulator’s attention. Seyffart reasoned that LTC is not subject to the SEC’s accusations that it is a security, which boosts its odds. Litecoin’s price soared by nearly 24% in the past 24 hours, sitting at $129.49 as of press time, according to CryptoSlate data. This is the largest daily gain within the 25 largest crypto by market cap. Wave of approvals Seyffart and Balchunas predicted a wave of ETF approvals would hit the market in 2025. The most likely products to receive SEC approval were the mixed ETFs, tracking Bitcoin (BTC) and Ethereum (ETH).  These products received their first approvals in 2024 when the regulator approved Hashdex and Franklin Templeton filings. The following products on the line are Litecoin and Hedera…

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Filed under: News - @ January 16, 2025 8:20 pm