Asset manager CoinShares is adding a Litecoin ETP to its number of investment products with the launch of a new exchange-traded product (ticker: LITE). The Swiss Stock Exchange (SIX) has already added a few crypto ETPs to its platform before.
CoinShares’ investment products offer exposure to Bitcoin (BTC), Ethereum (ETH) and now Litecoin (LTC). They are available to qualified institutional and retail investors across Europe.
Rising demand for crypto assets
LITE will initially be listed on the regulated SIX Swiss Exchange (ISIN: GB00BLD4ZP54) and has a base fee of 1.50% per annum. Each unit of LITE is backed by 0.20 Litecoins at launch, providing investors with passive exposure to the native asset value of the Litecoin network.
“[The Litecoin ETP] LITE comes hot on the heels of our Bitcoin and Ethereum product launches in 2021 and will benefit from the same robust and transparent physically-backed product structure. We are excited to add exposure to such a well-accepted and widely traded crypto-asset to our new product line.” – Townsend Lansing, CoinShares Head of Product
CoinShares manages more than $4 billion in assets on its platform with two-thirds being in Bitcoin, as well as a growing portion in Ethereum. The asset manager plans to add a number of new products to its platform in the coming year, as alternative crypto assets in particular enjoy strong demand.
“As demand for digital assets amongst the traditional investment community steadily increases, we are starting to see the green shoots of demand for investment exposures outside of the top two dominant networks. […] LITE is the next step on a path to bringing a more comprehensive and diversified offering of ETPs to market.” – Frank Spiteri, CoinShares Chief Revenue Officer