- Grayscale Investments filed Form S-3 with the U.S. SEC for its Litecoin ETF.
- MEI Pharma rebranded to Lite Strategy to underscore its commitment to accumulating Litecoin for its treasury.
- On-chain data analysis shows whale investors aggressively accumulated LTC coins in the past 24 hours.
Litecoin (LTC) gained about 3% in the past 24 hours, climbing to $116 on Thursday, September 11.
The uptick came after two market-moving developments: Grayscale’s new ETF filing and a $100 million corporate treasury purchase from Lite Strategy. Both moves fueled renewed accumulation by whales and reinforced Litecoin’s status as a proof-of-work hedge asset.
Why Whales Are Backing LTC
On-chain data from Santiment shows wallets holding at least 1,000 LTC added 181,000 coins in just 24 hours. This pushed their holdings to nearly 60 million LTC, a dominant slice of the 84 million maximum supply.
Related: Litecoin’s attempt at a joke sparks a full-blown culture clash with the XRP Army
That kind of accumulation is often seen as a vote of confidence from deep-pocketed players who view LTC as undervalued compared with peers like Bitcoin and XRP.
Grayscale’s Spot Litecoin ETF Filing: A Game Changer?
Grayscale Investments filed Form S-3 with the U.S. Securities and Exchange Commission on September 9 to list and trade a spot Litecoin ETF on NYSE Arca under the ticker LTCN. The trust currently manages $231.9 million in assets.
The Filing’s Significance
The proposed ETF would give institutions regulated access to Litecoin exposure, just as spot Bitcoin ETFs did for BTC in 2024. The Bank of New York Mellon was named as transfer agent, and Coinbase Trust as custodian, adding heavyweight credibility to the product. If approved, Grayscale’s ETF would join earlier efforts by Canary Capital and CoinShares, but it would carry the strongest brand recognition.
Related: Ripple’s CTO Fires Back in XRP vs. Litecoin Debate, Calling Energy Use a “Fatal Flaw” for PoW
Lite Strategy’s $100 Million LTC Treasury Bet
Formerly known as MEI Pharma, Lite Strategy rebranded this week to reflect a full pivot toward Litecoin adoption. The firm has accumulated 929,548 LTC worth about $110 million for its corporate treasury, making it the first U.S. public company to take that approach.
Why It Matters for Litecoin
Treasury allocations are powerful demand drivers because they permanently remove supply from the open market. Lite Strategy’s stake signals long-term conviction and could encourage other firms to consider Litecoin alongside Bitcoin as a treasury reserve asset. For a mid-cap altcoin, that’s a rare stamp of validation.
Whale Activity and Market Sentiment
Institutional whale activity is reinforcing the bullish undertone. With 181,000 LTC added in a day, wallets with 1,000 or more LTC now hold nearly 60 million coins. That concentration highlights the growing role of whales in steering short-term momentum.
LTC Price Rebounds Bullish
Litecoin price has gradually signaled macro bullish sentiment fueled by whale investors. The altcoin has closely followed in the footsteps of Ripple Labs’ XRP after more than 6 years of consolidation.
In the weekly timeframe, the LTC/USD pair is well-positioned to rally towards its all-time high in the near term. Furthermore, LTC price has broken out and retested the resistance/support level around $107 during the past two months.
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Source: https://coinedition.com/litecoin-etf-filing-100m-treasury-buy/