Canary Capital, a crypto investment firm, has filed amended S-1 filings for Litecoin Spot (LTC) and Hedera (HBAR) with the United States Securities and Exchange Commission (SEC). The amended S-1 filing included sponsor fees, which were set at 95 basis points for each ETF product.
According to Eric Balchunas, ETF analyst at Bloomberg, the sponsorship fees for Canary Capital’s LTC and HBAR ETFs were higher than those offered by Bitcoin. However, Balchunas noted that sponsorship fees are “pretty normal” for ETFs that are new to the respective sectors.
The notes set for the Canary LTC are LTCC while those for the Hedera ETF will be HBR.
What’s happening on Canary Islands LTC and HBAR amid government shutdown
Today’s filing of Amendment S-1 for the LTC and HBAR spot ETFs coincides with the ongoing U.S. government shutdown. Earlier this month, the US SEC missed its latest deadline to make its decision on the Canary Litecoin ETF due to the continued impact of the government shutdown.
According to Balchunas, Canary Capital’s latest filing is a done deal for the respective spot ETF products.
“Canary just filed an S-1 amendment for the Litecoin and HBAR spot ETFs and they include fees (95 basis points each) and tickers (LTCC and HBR). Which is usually the last thing updated before launch. With the shutdown, who knows, but these documents look pretty finalized to me,” Balchunas noted.
Market impact
The imminent launch of two-point ETF products in the near future will play a crucial role in their widespread adoption. Additionally, spot crypto ETFs are often used by institutional investors to access the crypto market.
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