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CoinShares Launches Litecoin ETP
This follows the introduction of products for bitcoin and ethereum this year.
Asset manager CoinShares has launched a new physically backed litecoin exchange-traded product (ETP) on the Swiss SIX exchange.
STORY CONTINUES BELOW
- Listed under the ticker LITE, each unit of the ETP will be backed with 0.20 LTC, according to an announcement Tuesday.
- The product has a base fee of 1.5% per annum.
- This is the third such product launch by CoinShares in 2021, following the announcement of ETPs backed by BTC and ETH in January and February respectively.
- About two-thirds of CoinShares’ more than $4 billion in assets under management (AUM) is in bitcoin with an increasing amount held in ethereum.
- Litecoin is the world’s eighth-largest cryptocurrency with a market capitalization of $14.83 billion.
- CoinShares’ profits more than doubled in Q4 2020 compared to the year earlier, according to results announced March 31.
- Jersey-based CoinShares describes itself as Europe's largest digital asset investment house. The company is publicly listed on the Nasdaq First North Growth Market.
See also: CoinShares Partners With Canada’s 3iQ to Launch New Bitcoin ETF on TSX
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
