Grayscale, one of the largest cryptocurrency asset management companies, has just applied to SEC to set up ETF for Litecoin and Solana. They also filed for ETF products related to other cryptocurrencies.
“Bitcoin Adoptters ETF” and the company’s general Ethereum ETF is part of a sudden increase in applications on the sec since Gary Gensler resign. It is not clear that any of these products will be approved in terms of regulations.
Grayscale continues the ETF race
Compared to other cryptocurrency assets, the race to create Litecoin ETF has taken place quite silently. Nashville -based Canary Capital made its first application in October, but few other companies pursued.
The SEC has made more signals about being able to accept Litecoin Fund, and Nasdaq has applied for listing if approved. Today, Grayscale became the 2nd company submit application Let ETF Litecoin.
Although Litecoin has recently skyrocketed due to rumors about ETF, Grayscale’s application has not made much impact. This price increase quickly weakened after the ETF was not approved, and the market may hesitate to expect too high again.
However, there may also be other reasons why the Litecoin market has no significant fluctuations. For example, this network has very little updates and technical progress compared to other blockchains.
Meanwhile, Grayscale also submit application For many other ETF products, including ETF Solana. According to one chain of events Compiled by the Bloomberg James Seyffart analyst, Grayscale is creating a product based on the integrated position from Ethereum Trust and Mini Trust, along with a new idea:
“Grayscale has applied to a ‘Bitcoin Adoptere ETF.’ This is a strategic detail: It will be a stock that holds stocks of Bitcoin companies as part of the company’s treasury, ”Seyffart confirm.
In short, Grayscale has prioritized the application for Litecoin products, but has also applied to three other ETF products in the same afternoon. The company may have pioneered the race to create Bitcoin ETF, but their products are often dominated in the market by other ETF release organizations.
Ethereum ETF synthesized and Bitcoin Adopters ETF may be the next efforts to compete for market share. Currently, it is unclear which of these products will surpass the censorship of the regulations. Since Gary Gensler resigned, many companies have applied their own applications, including some suspicious ETF Meme Coin.
If Grayscale succeeds in creating this series of ETF products, they may face a stronger competitive market.
