Crypto
Is Litecoin the Third Contender for a Cryptocurrency Spot ETF?
Cryptocurrency A to Z
Following Bitcoin and Ethereum
High Possibility of Being the 3rd to Launch
U.S. SEC Begins Review
Litecoin Price Surges
Cannot Trade in Korea Due to Delisting
Litecoin is being considered as a cryptocurrency with a high possibility of launching a spot exchange-traded fund (ETF) following Bitcoin and Ethereum.
According to the cryptocurrency industry on the 2nd, the U.S. Securities and Exchange Commission (SEC) has begun reviewing the listing application (19B-4) for a Litecoin spot ETF submitted by Canary Capital. Global asset management firms Grayscale and CoinShares have also submitted 19B-4s for a Litecoin spot ETF.
The market believes that a Litecoin spot ETF is more likely to be approved before cryptocurrencies with higher market capitalizations like Ripple and Solana. Unlike Ripple and Solana, which are classified as securities, Litecoin is considered a commodity. The fact that it is a cryptocurrency derived from Bitcoin, which already has a spot ETF, further increases the likelihood of approval. Eric Balchunas, a Bloomberg ETF analyst, predicted, “Litecoin is already regarded as a commodity and is likely to be the first altcoin ETF to be listed this year.”
As expectations for spot ETF approval grow, Litecoin’s price has also surged. According to the cryptocurrency exchange Binance, Litecoin rose about 20% over two days, surpassing the $130 mark for the first time in 12 days.
Investors are also predicting a long-term price increase for Litecoin. On-chain data analysis platform IntoTheBlock reported, “80% of addresses holding Litecoin are long-term investors who have held it for over a year,” adding, “In January, the daily active addresses reached 1.37 million, surpassing Bitcoin and Ethereum.”
In Korea, trading Litecoin is not possible. Previously, domestic cryptocurrency exchanges delisted Litecoin following the enforcement of the Act on Reporting and Using Specified Financial Transaction Information.
Hwang Doo-hyun, BloomingBit Journalist cow5361@bloomingbit.io
Key Takeaways
- IHC executed a landmark $30 million transaction using the new DDSC token on ADI Chain.
- This milestone expands the UAE crypto market, following approvals for Mbank’s AE Coin and Zand’s AEDZ.
- Developers now plan to connect the Middle East with global markets via new DDSC digital trade corridors.
Major Institutional Transaction Executed
The Abu Dhabi-based global investment company, International Holding Company (IHC), has executed a $30 million (AED 110 million) transaction using a stablecoin backed by the United Arab Emirates (UAE) dirham, marking the first major institutional use of the stablecoin since receiving regulatory approval. The transaction was carried out using the DDSC stablecoin on ADI Chain, an institutional Layer-2 blockchain developed by the ADI Foundation.
Officials said the multimillion-dollar transaction demonstrates the digital currency ecosystem’s operational readiness and ability to handle institutional volumes. DDSC was created through a partnership among IHC, First Abu Dhabi Bank and Sirius International Holding, with technological support from the ADI Foundation.
The Central Bank of the UAE’s approval of the DDSC stablecoin earlier this year is part of a broader regulatory push that has already seen multiple dirham-backed tokens clear licensing hurdles. As per one report, the first AED stablecoin to secure central bank approval was the AE Coin, issued by Al Maryah Community Bank (Mbank). Additionally, Zand Bank recently obtained a license for AEDZ, distinguishing itself as the UAE’s first regulated, multi-chain AED-backed stablecoin designed to operate natively on public blockchains.
According to a media statement, the project aims to provide secure and regulated digital transactions for corporations and individuals while speeding up cross-border payments and trade settlements.
“This transaction demonstrates that the UAE’s digital infrastructure is live, resilient, and ready to support real institutional financial activity,” Syed Basar Shueb, chief executive officer of IHC, said in a statement. “Executing 110 million DDSC on ADI Chain is a clear signal that we are entering the next phase, where institutional-grade digital assets are not only viable, but operational at scale.”
Proponents of stablecoins argue they reduce the high costs, delays and complexities associated with traditional international banking systems, particularly in emerging markets.
Following the successful transaction, developers said they plan to expand institutional participation and establish new digital trade and payment corridors connecting the Middle East with global markets.
This week was a rollercoaster ride in the world of cryptocurrency and NFTs. From Michael Saylor and Kevin O’Leary sharing their insights on Bitcoin, to the surprising performance of XRP ETFs and SpaceX revealing its Bitcoin holdings ahead of its IPO. Not to forget, the popular NFT brand Pudgy Penguins is extending its partnership with Manchester City Soccer Club.
Let’s dive into the details.
Michael Saylor’s Bitcoin Perspective
Michael Saylor, CEO of MicroStrategy Inc., stated that Bitcoin would have been trading between $40,000 and $50,000 without his company’s involvement. MicroStrategy is the world’s largest corporate holder of Bitcoin, owning approximately 818,000 units. Saylor believes that even without his company, Bitcoin would have found success, but MicroStrategy’s involvement accelerated its price appreciation.
Read the full article here.
Kevin O’Leary’s Take On Bitcoin
Kevin O’Leary, the “Shark Tank” star, emphasized the need for a crypto bill to pass for Bitcoin and tokenization to move beyond the fringes for major institutional players. He believes that global compliance within the SEC through the passage of a bill will change everything. With the midterms approaching in November, O’Leary sees the present as the perfect opportunity to pass this bill.
Read the full article here.
XRP ETFs Vs Bitcoin ETFs
While Bitcoin ETFs saw a loss of $1.4 billion, XRP-linked funds attracted $42 million. This stark contrast in performance has left many wondering about the future of these cryptocurrencies. XRP held near $1.37, down 1% on the day.
Read the full article here.
SpaceX’s Bitcoin Holdings
SpaceX, led by Elon Musk, revealed that it holds more than $1 billion in Bitcoin on its balance sheet. The company disclosed 18,712 BTC on hand as of March 31, recognized at a fair value of $1.29 billion. At current prices, this stash would be worth $1.45 billion.
Read the full article here.
Pudgy Penguins And Manchester City
The popular NFT brand Pudgy Penguins announced the extension of its collaboration with English soccer club Manchester City. This follows the successful launch of a limited-edition collectible and hoodie earlier this year. The brand promises to create exciting experiences at the intersection of physical and digital, bringing Pengu and Pudgy Penguins to City fans worldwide.
Read the full article here.
Binance In The Eye Of The Storm
Read the full article here.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Shutterstock
Key Takeaways
- The Libra Trust got 71 apps and will next fund Argentine firms seeking to grow.
- To fight scam claims, Hayden Davis sent funds on Nov 22 to the trust, which will distribute grants by November.
- To restore market trust, the fund could next pay Viva La Libertad victims filing claims before Nov 22, 2025.
Libra Trust Set up to Empower Argentine Companies After the Token’s Demise
Over a year after the Viva La Libertad project, also known as the Libra token, faced its demise, leaving thousands of investors affected, the funds kept from token purchases seem to be, at last, fulfilling its original purpose.
Proceeds from Libra’s token sale, infamously promoted by Argentine President Javier Milei on social media, are now in the hands of the Libra Trust, which received the funds from alleged Libra creator Hayden Davis on November 22 as a defense strategy to disprove the scam allegations made against Davis in a lawsuit.
According to Argentine media, the trust, whose purpose is to bring these funds to Argentine companies seeking grants to support their growth, has already received 71 applications to access part of these funds.
In the next few days, the Trust will begin organizing these applications and running checks on their feasibility and origin before delivering any funds. While there are no set dates for this, the Trust indicated that the grants will start being delivered before November.
“The timing of the distributions will depend on the promptness with which funding applicants respond to the questions that will be sent in the coming days,” the Trust stated.
“Financing decisions will be made based on the needs of the selected applicants. The trust funds will be managed prudently to enable the financing of strong applications that merit support,” it revealed, without giving further details on how this support would be distributed.
Nonetheless, the trust also opened a path for Libra’s victims to apply for compensation, for Argentine nationals who filed claims regarding alleged losses arising from the investment in the Libra token before November 22, 2025.
Even so, there is no certainty in how many of these funds will be distributed.
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