Nasdaq Files Applications for XRP and Litecoin ETFs from CoinShares

The Nasdaq exchange has submitted 19b-4 forms to the SEC for the launch of spot exchange-traded funds (ETFs) for XRP and Litecoin from CoinShares.

With these new instruments, the European issuer aims to expand its presence in the U.S. market amid expectations of a more favorable regulatory environment. The fund tickers have not yet been disclosed.

Bloomberg analyst Eric Balchunas believes that an LTC ETF is the most likely to be approved next by the SEC. Previously, a similar application was submitted by Canary Capital, and Nasdaq forwarded it to the Commission in late February.

In March 2024, the CFTC designated Litecoin as a commodity during a legal case against KuCoin, triggering an 11% daily price surge. This classification gives LTC a regulatory advantage.

Balchunas’ colleague, James Seyffart, also believes that the LTC ETF will be approved before an XRP ETF, considering the unclear legal status of Ripple’s token in the U.S.

Following the news, Litecoin surged by approximately 11%, trading at $117.6 with a market capitalization of $8.9 billion.

XRP’s price remained around $2.4, with a market capitalization of $139.84 billion. The asset showed little reaction to the ETF filing.

According to CoinShares, the recent market correction has increased investor interest in cryptocurrency fund shares.