CoinShares launches physically assisted Litecoin ETP
The European digital asset manager CoinShares continues to actively expand its range of exchange-traded cryptocurrencies with a new Litecoin (LTC) ETP.
According to an April 6 announcement, CoinShares has launched its CoinShares Physical Litecoin.
Each unit of the Litecoin ETP listed under the ticker symbol LITE is hedged with 0.2 LTC (45 USD) at launch, allowing investors to be passively involved in the native assets of the Litecoin network. The new investment product will initially be listed on the regulated Swiss SIX stock exchange in Switzerland with a basic fee of 1.50%, said CoinShares. LITE is now listed on Bloomberg and has an opening price of $ 44.5.
Litecoin is a major altcoin and a junction of the Bitcoin code base that was originally positioned as “Silver to Bitcoin’s Gold”. Litecoin was developed in 2011 by former Google and Coinbase engineer Charlie Lee and is almost identical to Bitcoin in technical details. It has some major differences such as smaller block times. Litecoin is aiming for a block time of 2.5 minutes versus 10 minutes for Bitcoin. Litecoin is one of the largest cryptocurrencies in the world today. Currently, Litecoin is the ninth largest coin with a market capitalization of $ 15 billion.
The CoinShares Physical Litecoin is the third crypto ETP product launched on CoinShares’ institutional ETP platform, CoinShares Physical, in 2021. After CoinShares introduced the physically supported Bitcoin (BTC) ETP on the platform in January, CoinShares launched a similar product for Ether (ETH) in February.
According to the announcement, CoinShares now manages over $ 4 billion in assets, with Bitcoin accounting for over 60%. “LITE is the next step in bringing a more complete and diversified offering of ETPs to market,” said Frank Spiteri, CoinShares chief revenue officer.
The crypto ETP industry has developed rapidly in Europe. In March, Deutsche Börse’s electronic trading platform Xetra announced the launch of its first ether-based ETPs by European ETP issuers such as the ETC Group and 21Shares. In February 21Shares launched the world’s first Polkadot ETP on the Swiss SIX stock exchange.