Grayscale Litecoin Trust ETF Conversion Remains Pending After September 2025 Filing

Key Facts

Grayscale filed a Form S-3 registration statement on September 9, 2025, proposing to convert Grayscale Litecoin Trust (LTC) into an exchange-traded product named Grayscale Litecoin Trust ETF. However, the trust's annual report filed on September 3, 2026, said the registration statement had not become effective, so this was not a new September 2026 application.

According to the latest annual report, shares carrying the LTCN ticker remain quoted on the OTC market, while new shares are offered only through private placements. The trust also has no redemption program, meaning shareholders cannot return shares to the trust for their portion of its assets.

NYSE Arca separately filed a Rule 19b-4 application on January 24, 2025, to list the shares, but the Securities and Exchange Commission's SEC record shows that proposal was withdrawn on September 29, 2025. Grayscale's September 3, 2026 annual report nevertheless said it was still seeking an NYSE Arca listing, with no assurance of approval by the SEC or the exchange.

The preliminary S-3 envisages listing LTCN on NYSE Arca and continuously creating and redeeming shares in baskets of 10,000. If activated, that structure would let authorized participants arbitrage differences between the market price and NAV; it remains a proposed mechanism rather than the trust's current operating structure.

LTCN closed at $3.96 on September 11, 2026, within a daily range of $3.95 to $4.04, according to EL7 data. In the underlying market, LTC closed at $53.69 on September 12, 2026, within a $53.13 to $54.26 range.

The decisive next steps are effectiveness of the S-3 and the approvals needed to list the shares on NYSE Arca. Until then, LTCN remains an OTC-traded trust without a redemption program, and the ETF conversion should not be described as completed or imminent.