Jan. 30, 2025
I support the proposed rule change to list and trade shares of the Canary Litecoin ETF under Nasdaq Rule 5711(d) for a couple of reasons. Litecoin's mining hash rate has seen a steady increase and continues to reach all time highs. This is indicative of miner participation, network security, and more importantly demand. Litecoin's architectural similarity to Bitcoin has also previously enabled it to act as a real-world testing-ground for upgrades to Bitcoin (i.e. the lightning network). Litecoin also boasts the top used crypto for transactions across multiple payment processors, has one of the largest ATM networks globally, and is accepted by many reputable and diverse sets of companies and retailers. More than half of Litecoin in circulation is held by retail investors which further justifies the use-case of a Litecoin ETF.