Canary Capital Files S-1 Amendment for Spot Litecoin and Hedera ETFs; Analysts Say Approvals Next

Canary Capital, a crypto investment firm, has filed amended S-1 filings for spot Litecoin (LTC) and Hedera (HBAR) with the United States Securities and Exchange Commission (SEC). The amended S-1 filing included the sponsor fees, which were set at 95 bps for each ETF product. 

According to Eric Balchunas, an ETF analyst at Bloomberg, the sponsor fee for Canary Capital’s LTC and HBAR ETFs was higher than those offered by Bitcoin. However, Balchunas noted that the sponsor fees are ‘pretty normal’ for ETFs that are new to the respective sectors.

The set tickets for Canary’s LTC are LTCC while those of Hedera’s ETF will be HBR.

What Happens on Canary’s LTC and HBAR Amid Government Shutdown

Today’s filing of the S-1 amendment for spot LTC and HBAR ETFs coincides with the ongoing shutdown of the United States Government. Earlier this month, the U.S. SEC missed its final deadline to make its decision on the Canary Litecoin ETF due to the ongoing impact of the government shutdown.

According to Balchunas, the latest filing by Canary Capital is a done deal for the respective spot ETF products. 

“Canary just filed S-1 amendment for Litecoin and HBAR spot ETFs and they include the fees (95bps each) and the tickers (LTCC and HBR). Which is typically the last thing updated before go-time. With the shutdown tho who knows but these docs look pretty finalized to me,” Balchunas noted. 

Market Impact

The imminent launch of the two-spot ETF products in the near future will play a crucial role in their mainstream adoption. Furthermore, crypto spot ETFs are often used by institutional investors to access the crypto market.