CoinShares added a Litecoin ETP to its portfolio following the release of physically-backed exchange-traded products that track the performance of Bitcoin (BTC) and Ethereum (ETH) earlier this year.
Litecoin ETP comes from CoinShares
According to an April 6 announcement, CoinShares has released another publicly traded product that tracks the performance of a cryptocurrency asset called CoinShares Physical Litecoin.
The company announced that the base fee for the product will be 1.50%. It is listed on the regulated Swiss stock exchange – Swiss SIX Exchange – under the ticker LITE. Interestingly, although it will be released in Europe, the base currency will be the US dollar.
CoinShares stated that when the product is released, each LITE unit will be covered with 0.20 Litecoins, which should allow investors to have “passive exposure” to LTC.
Towsend Lansing, CoinShare Product Manager, went into the matter:
“LITE is about to launch Bitcoin and Ethereum in 2021 and will benefit from the same robust and transparent product structure with physical support. We are excited to add such a well-accepted and widely used crypto asset to our new product line. “
CoinShares is one of the largest digital asset investment houses in Europe. Today’s announcement brought the company’s total investment products to seven.
The company’s portfolio has over $ 4 billion in assets under management. Bitcoin accounts for more than two-thirds of that amount, with Ethereum being the second.
CoinShares expansion continues
The CoinShares Physical Litecoin was the third crypto ETP product launched by the organization in 2021. The first physically assisted ETP to see the light of day came in January. Somewhat as expected, the price of the primary cryptocurrency – Bitcoin – was recorded.
As CryptoPotato reported in February, Ethreum was next on the list to receive a similar product developed and published by CoinShares.
Frank Spiteri, Chief Revenue Officer, argued that the Litecoin ETP is emerging in the face of increased investor interest in the entire cryptocurrency industry:
“As the demand for digital assets continues to grow in the traditional investment community, we are beginning to see the green drives of demand for investment exposures outside of the top two dominant networks. Coinshares is leading the way in creating novel ways for investors to access the digital asset ecosystem, and LITE is the next step in bringing a more complete and diversified range of ETPs to market. “
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