- A decision on a proposed Litecoin ETF is expected later today.
- Polymarket odds of approval jumped from 26% to 47% overnight.
- Analysts gave Litecoin the highest 2025 approval odds among altcoins.
Since spot Bitcoin and Ethereum exchange-traded funds were approved in the US last year, a wave of blue-chip cryptocurrencies has been racing to join them.
The Securities and Exchange Commission now has a pile of more than 70 applications on its desk. Among the filings is one tied to Litecoin, one of crypto’s oldest surviving assets.
A decision on Canary Capital’s proposed spot Litecoin ETF is due today, and unlike many recent filings, the SEC hasn’t yet delayed it.
That pushed approval odds for a Litecoin ETF by July 31 from 26% to 47% overnight on Polymarket.
The price of its native LTC also jumped 4% in the past 24 hours, nearly reaching a one-month high of around $90.
Bloomberg Intelligence analyst James Seyffart noted that while the SEC went early and delayed several other filings, it has not done so with Litecoin.
“If any asset has a chance of early approval, it’s Litecoin,” he said on X.
Back in February, Seyffart and fellow Bloomberg ETF analyst Eric Balchunas gave Litecoin the highest odds of approval among other altcoins. The pair assigned it a 90% chance of getting greenlit sometime in 2025.
Top contenders
Trailing close behind were Dogecoin, Solana, and XRP, each of which also has pending spot ETF applications from major issuers.
Of those, XRP has made the most visible progress in recent weeks, though not in the way many traders had hoped.
ProShares is slated to launch a trio of futures-based XRP ETFs, giving the token a foothold in regulated markets but stopping short of spot approval.
Solana saw its own futures launch in March on CME with just $12 million in first-week volume — an “unremarkable” debut compared to earlier Bitcoin and Ethereum products. Most of the activity came from smaller retail-focused contracts, according to Kaiko.
Dogecoin is also seen as a strong candidate for spot ETF approval, largely because analysts expect it to be treated as a commodity, similar to Bitcoin and Litecoin.
Several major issuers, including Bitwise and Franklin Templeton, have already filed applications, though the SEC recently delayed decisions on those filings until mid-June.
Final SEC deadlines for the various spot ETF applications tied to Litecoin, XRP, Solana, and Dogecoin all land in October.
Crypto market movers
- Bitcoin has lost 1.4% in the past 24 hours and is trading at $94,180.
- Ethereum is also down 1.4% in the same period to $1,800.
What we’re reading
- US stablecoin bill blindsided by Democratic U-turn over consumer, security concerns ― DL News
- Can These 4 Factions Stop Fighting Over a Crypto Market Structure Bill? ― Unchained
- What you missed this week ― Milk Road
- First-in-the-US Bitcoin reserve blocked by Arizona governor’s veto ― DL News
Kyle Baird is DL News’ Weekend Editor. Got a tip? Email at kbaird@dlnews.com.
