Canary Capital Files for Spot LTC ETF!

Canary Capital filed registration documents for a spot Litecoin ETF with US regulators.

Author

Danielle du Toit
October 16, 2024

Here's what we've got for you today:

  • Canary Capital Files S-1 for Litecoin ETF

  • Tesla Moves Entire Bitcoin Holdings to Unknown Wallet

  • Warren, Deaton Spar Over Crypto in First Debate for US Senate Seat

  • Grayscale Pushes for Spot ETF Conversion of $520M Crypto Fund

Asset manager Canary Capital filed registration documents for a spot Litecoin exchange-traded fund (ETF) with United States regulators.

  • Canary Capital filed an S-1 for a spot Litecoin (LTC) ETF, which will track the performance of the CoinDesk Litecoin Price Index (LTX).

  • On Oct. 9, Canary also filed an S-1 for a spot XRP ETF not long after Bitwise filed for a similar product.

  • The filing is one of the first steps toward launching the LTC ETF, but Canary still has to wait for the SEC's review of the submitted documents.

Tesla moved its entire Bitcoin holdings, which is valued at over $765 million, into several unknown wallets.

  • The transfers were made across 26 transactions, and took place on Oct. 15. It was also the wallet’s first movement since June of 2022, according to Arkham Intelligence.

  • The wallet is now estimated to hold just $6.68 worth of Bitcoin, and there is no evidence that the transferred funds were sent to crypto exchanges.

  • The transfers happened ahead of Tesla’s Q3 financial results, which are scheduled to be released on Oct. 23.

John Deaton called out Democrat rival Warren during the Oct. 15 debate for focusing on building an “anti-crypto army” instead of prioritizing other issues.

  • Senator Warren stated she supports crypto buying and selling but insists the industry has to stick to the same rules as banks and stockbrokers, especially with regards to consumer protection and counter-terrorism laws.

  • Warren is also still concerned that crypto is often used for illicit activities by terrorists, drug traffickers, and rogue nations.

  • Deaton argued that banking access hasn't been Warren's priority, and pointed towards a December Senate hearing where she focused on crypto crime rather than addressing traditional banking failures.

Grayscale filed a request with the SEC to convert its Digital Large Cap Fund into an ETF.

  • The New York Stock Exchange (NYSE) submitted a 19b-4 form to the SEC on Oct. 14, which requested rule modifications to allow the listing of Grayscale's Digital Large Cap Fund ETF.

  • Grayscale's Digital Large Cap Fund manages more than $524 million in assets, and allocates 76% of its holdings to Bitcoin and 18% to Ethereum. The remaining portion goes in Solana, XRP, and Avalanche.

  • This filing was made after the successful conversions of Grayscale's Bitcoin Trust (GBTC) and Ethereum Trust (ETHE) into ETFs earlier this year.

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