Grayscale has filed to convert its Litecoin Trust into a spot exchange-traded fund trading under the ticker LTCN on NYSE Arca, contingent on SEC approval of a pending 19b-4 application.
The asset manager submitted an S-3/A amendment to the SEC on September 11, outlining the conversion plan and listing intent. The 19b-4 application, which requests approval from the SEC and the exchange to operate the ETF, was filed in January 2025 and remains pending. No public approval timeline is available.
Grayscale has pursued spot crypto ETF conversions across multiple assets in recent years. The firm converted its Bitcoin Mini Trust into a spot Bitcoin ETF in 2024 and has filed for similar conversions for Ethereum and Solana trusts. The Litecoin Trust currently operates as a grantor trust, a structure that allows investors to hold the underlying asset without direct custody but carries different tax and regulatory treatment than an ETF.
Litecoin is the fourth-largest cryptocurrency by market capitalization, valued at roughly $17 billion as of mid-September. A spot Litecoin ETF would allow institutional and retail investors to gain exposure through traditional brokerage accounts without purchasing the asset directly or using a trust vehicle.
The SEC has approved multiple spot crypto ETFs since 2024, beginning with Bitcoin funds and later Ethereum. However, approval timelines have varied, and the agency has rejected proposals in the past. Grayscale's filing does not guarantee approval; the SEC will review the 19b-4 application before any decision is made.
The conversion would eliminate the Litecoin Trust as a separate investment vehicle, with holdings transferred to the ETF structure. Grayscale's product portfolio has shifted toward ETFs as the regulatory pathway has cleared and traditional finance has increased allocations to crypto assets. The company manages over $50 billion in assets under management across its product suite.
The SEC's decision on the 19b-4 application will determine whether the conversion proceeds and when LTCN would begin trading. If the agency approves the application, Grayscale would need to execute the actual conversion, a process that typically takes weeks after regulatory clearance.
