CoinShares Seeks Approval For Spot Litecoin And XRP ETF In Latest Market Move
Asset managers are regaining confidence in cryptocurrency ETFs, with CoinShares submitting applications for a spot XRP ETF and a Litecoin fund. This move reflects growing interest in altcoin investments following the success of Bitcoin and Ethereum funds in 2024. CoinShares filed an S-1 registration statement with the SEC for the XRP ETF, targeting direct exposure to the second-largest altcoin. Grayscale Investments also filed for Solana and Litecoin ETFs, joining other firms seeking regulatory approval. Despite XRP's impressive 500% year-to-date gain, the ETF announcement did not significantly affect its price, which remains down 0.4% in 24 hours. The proposed Litecoin ETF faces skepticism, with analysts questioning its viability due to Litecoin's stagnant price since 2017. Concerns were raised about the rationale for a Litecoin ETF when alternatives like a USDT ETF could offer more immediate benefits, such as staking rewards.
