CoinShares Pursues Approval for Spot ETFs on Litecoin and XRP in Latest Market Initiative
In a significant shift within the cryptocurrency regulatory landscape, asset managers are starting to regain their optimism regarding the pursuit of Exchange-Traded Funds (ETFs). Notably, CoinShares has filed applications for a spot XRP ETF and a Litecoin (LTC) fund, signaling a rising interest in investments related to alternative cryptocurrencies.
CoinShares Sets Its Sights on Litecoin and XRP ETFs
CoinShares filing comes at a time when the US ETF market is focusing more on cryptocurrency assets, particularly following the successful approval of Bitcoin (BTC) and Ethereum (ETH) funds in 2024.
The company has submitted an S-1 registration statement to the Securities and Exchange Commission (SEC) with plans to introduce an XRP ETF, aimed at granting investors direct access to the second-largest alternative cryptocurrency in the market.
Furthermore, CoinShares is broadening its product range by applying for a spot Litecoin ETF, distinguishing itself as one of the few companies actively pursuing altcoin-related ETFs within the US market.
On the same day, Grayscale Investments filed applications with the New York Stock Exchange (NYSE) for both a Solana ETF and a Litecoin ETF, joining forces with other firms such as Canary Capital and CoinShares, all vying for regulatory approval for similar offerings.
Concerns About the Proposed Litecoin ETF
Even with the enthusiasm surrounding the XRP ETF submission, the altcoin has produced a mixed reaction in the marketplace. XRP recently broke out of a near three-year consolidation phase below the $0.50 level, driven by optimism around favorable regulatory changes under President Donald Trump.
Currently, XRP shows impressive momentum, achieving a staggering 500% gain year-to-date, trading at around $3.10.
Nevertheless, the announcement about CoinShares XRP ETF barely influenced the tokens price, which has dipped by 0.4% over the past 24 hours.
On a more cautionary note, the proposed Litecoin ETF has sparked doubts among some market analysts. Expert Ali Martinez voiced concerns about the feasibility of a Litecoin ETF, highlighting that the coin has been trapped within the same price range since 2017, which is an eight-year span.
The analyst expressed curiosity about the rationale behind launching a Litecoin ETF when potentially more advantageous options, such as a USDT ETF, could offer immediate benefits like staking rewards.
Featured image from DALL-E, chart from TradingView.com
The post CoinShares Pursues Approval for Spot ETFs on Litecoin and XRP in Latest Market Initiative appeared first on Crypto Breaking News.
Text source: Crypto Breaking News
