Canary

Grayscale Bitcoin Trust

<ul class="wp-block-list">
 <li>Grayscale seeks to convert its fund into a diversified crypto ETF.</li>
 <li>Canary Capital files for spot Litecoin and XRP ETFs amid growing interest.</li>
</ul>
The race to bring more cryptocurrency-based exchange-traded funds (ETFs) to the U.S. market continues to heat up as Grayscale Investments and Canary Capital make bold moves. Grayscale, the world’s largest crypto asset manager, has filed to convert its Digital Large Cap Fund, which includes <a href="https://thenewscrypto.com/has-bitcoin-bull-run-begun-as-price-surpasses-key-resistance-at-65k/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a>, Ethereum, Solana, <a href="https://in.tradingview.com/symbols/XRPUSDT/" target="_blank" rel="noopener noreferrer nofollow">XRP</a>, and Avalanche, into an ETF. This follows Grayscale’s recent victory in converting its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF after a lawsuit against the U.S. Securities and Exchange Commission (SEC).
Meanwhile, Canary Capital is targeting alternative cryptocurrencies. The firm has filed registration documents with the SEC for a spot Litecoin (<a href="https://coinmarketcap.com/currencies/litecoin/" target="_blank" rel="noopener noreferrer nofollow">LTC</a>) ETF, which aims to track the performance of Litecoin, often seen as a faster and cheaper alternative to Bitcoin for small payments. Canary Capital is also pursuing a spot XRP ETF. It filed similar paperwork just days before Bitwise made its own XRP ETF filing. These filings come as institutional interest in cryptocurrencies grows, with Wall Street eager for more diverse crypto ETF products.
<h3 class="wp-block-heading" id="h-political-influence">Political Influence</h3>
Political factors loom large over these developments. The upcoming U.S. presidential election in November is seen as a potential turning point for crypto regulation. <a href="https://thenewscrypto.com/kamala-harris-briefly-mentions-crypto-in-her-opportunities-agenda/" target="_blank" rel="noopener noreferrer nofollow">Kamala Harris</a>, the current Vice President, is regarded as more supportive of blockchain technology than President Joe Biden. She has overseen aggressive regulation under SEC Chair Gary Gensler. Donald Trump, Harris’ rival, has promised to fire Gensler if elected, signaling a possible shift in the regulatory environment.
Nate Geraci, president of The ETF Store, highlights that the current wave of ETF filings could be influenced by the election, noting that politics “clearly matter in the short-term.” Despite this uncertainty, he believes that the launch of more crypto ETFs is “inevitable.”
As the SEC reviews these filings, Grayscale and Canary Capital’s latest moves reflect the increasing demand for sophisticated cryptocurrency products. It signals a new chapter in the mainstream adoption of digital assets.&nbsp;
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Grayscale and Canary Capital Spark New Crypto ETF Wave

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