"DTCC Lists Canary's Spot Litecoin ETF, Boosting LTC's Breakout Hopes"

The Depository Trust and Clearing Corporation (DTCC) has listed Canary Capital’s spot Litecoin ETF (LTCC), a move that signals strong prospects for the eventual approval of the first Litecoin exchange-traded fund (ETF).

Litecoin (LTC) price rose early Friday, Feb. 21 as traders reacted to the news. Notably, Litecoin’s price climbed from a low of $125 to an intraday high of $139. Could LTC be gearing up for a breakout amid the spot ETF buzz? The cryptocurrency’s all-time high stands at $412, reached on May 10, 2021.

Part of the excitement around Litecoin in recent days has been down to projections that the altcoin has a very high chance of seeing multiple ETF applications get a nod from the US Securities and Exchange Commission. DTCC, a major player in the financial markets and key to the early steps towards institutional preparedness for possible funds’ launch, has added to this excitement. The entity listed the Canary Capital spot Litecoin ETF, under the ticker LTCC, in its system.

“Canary Funds’ Litecoin ETF has been listed on the Depository Trust and Clearing Corporation system under the ticker LTCC! The DTCC is key part of global financial markets and processes trillions of dollars in securities transactions each day,” Litecoin Foundation, the non-profit organization helping with LTC adoption posted on X.

DTCC’s traction in global financial trading includes serving as the main clearing and custody provider for US securities trading.

While the listing does not equate to approval, it suggests institutions might be gearing up for that possibility. The CFTC has classified Litecoin as a commodity, similar to Bitcoin, and experts see an ETF nod as highly probable.

Following the S-1 filing, which gives a registration statement, the issuers file 19b-4. These related to proposed rule changes, asking for approval to have the ETFs listed and traded on securities exchanges. NYSE Arca, Cboe, and Nasdaq are such exchanges.

Canary Capital submitted its S-1 for a spot in Litecoin ETF in October 2024. Grayscale and CoinShares have also filed applications