A Litecoin (LTC)-based exchange-traded fund (ETF) is likely to become the next spot crypto ETF to gain approval in the U.S., according to Bloomberg analyst Eric Balchunas.

We had heard chatter that the Litecoin S-1 had gotten comments back from SEC. This looks to confirm that which bodes well for our prediction that Litecoin is most likely to be the next coin approved. All that said, new SEC chair has yet to start and that's a huge variable. https://t.co/cKFswPwcr0
— Eric Balchunas (@EricBalchunas) January 15, 2025

In October 2024, Canary Capital filed an S-1 application with the SEC to register an LTC-ETF.

Per Balchunas, the firm has already received comments from the regulator on the proposal.

“This appears to confirm our forecast that Litecoin is probably going to be the next approved coin. That said, the new SEC Chair has not taken office yet, which is an important factor,” he stated.

His colleague, James Seyffart, added that the company has already updated its application.

NEW: @CanaryFunds just filed an amended S-1 for their Litecoin ETF filing. No guarantees — but this might be indicative of SEC engagement on the filing. Still no 19b-4 filing yet though

(A 19b-4 would actually start the potential approval/denial clock) h/t @isabelletanlee pic.twitter.com/wFtNOmbmYx
— James Seyffart (@JSeyff) January 15, 2025

“No guarantees, but it could be a sign the SEC is engaging with the proposal,” he noted.

However, Seyffart pointed out that the 19b-4 form—which would amend exchange listing rules—has not yet been filed. That means the official countdown for the SEC’s final approval window has not yet begun.