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Industry

Kakao blocks Kakao Mobility U.S. ADR listing, opposes TPG stake securitisation structure

Kakao has moved to block Kakao Mobility’s push to list American depositary receipts in the United States, objecting to a structure focused on liquidity for second-largest shareholder TPG’s existing stake. Kakao’s board said it opposed proceeding under the current plan after reviewing shareholder protection measures and the impact on Kakao and its common shareholders. Kakao also cited concerns over dual listing burdens, NAV discount expansion and potential conflicts of interest.

Crypto

Grayscale moves to convert LTCN Litecoin trust into ETF, eyeing net asset recovery

Grayscale has filed an amended application with the U.S. Securities and Exchange Commission to convert its Litecoin trust, LTCN, into a spot exchange-traded fund. If approved and listed, it would be renamed the Grayscale Litecoin Trust ETF and seek listing on NYSE Arca. The trust remains privately issued and trades over the counter, while its net asset value and per-share NAV have fallen. LTCN also trades at a discount to NAV.

Crypto

U.S. SEC includes XRP, Solana in new Nasdaq order, signaling institutional entry for four cryptocurrencies

The U.S. Securities and Exchange Commission approved a Nasdaq Texas rule change that defines bitcoin and ether, along with solana and XRP, as “digital commodities” under exchange rules. The amendment allows actively managed crypto strategies and permits funds to hold assets that do not meet listing standards up to 15 percent of net asset value. The SEC said the move does not create a new federal commodities classification or approve specific XRP or Solana ETFs.