Asset Manager 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.

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