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.