CoinShares Launches Litecoin ETP

Asset manager CoinShares has launched a new physically backed litecoin exchange-traded product (ETP) on the Swiss SIX exchange.

• 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