Why does LTCN keep rising?

[Yamane_Keto]

Buying LTCN means owning about 0.085 LTC per share with a NAV of approximately $9, and with the SEC announcing its lack of intention to approve new ETF products, which means it will be difficult to convert it to a converting to spot ETF during the coming period, all of these must put pressure on the price. However gains are strong, does anyone know why or am I missing something?

[Yamane_Keto]

It looks like I found a reason as the CFTC classified Litecoin as a commodity In a lawsuit against crypto exchange KuCoin Text of the lawsuit

The complaint filed by the CFTC against KuCoin states, "KuCoin solicited and accepted orders, accepted property to margin, and operated a facility for the trading of futures, swaps, and leveraged, margined, or financed retail transactions involving digital assets that are commodities including Bitcoin (BTC), Ether (ETH), and Litecoin (LTC)."

This designation as a commodity reduces the impact of potential enforcement actions from the SEC, which means a better chance of LTC ETF being accepted.