CoinShares to Launch Litecoin-based ETP

The digital asset management company CoinShares announced the launch of an exchange-traded product (ETP) based on Litecoin (LTC) with physical cryptocurrency backing, according to the firm’s press release.

Each share of CoinShares Physical Litecoin (LITE) upon issue will be backed by 0.2 LTC. It will trade on the SIX Swiss Exchange under the ticker LITE and carry a base fee of 1.5%.

“We are seeing investor interest not only in Bitcoin and Ethereum, but also Litecoin. LITE is the next step on the path to bringing to market a more complex and diversified ETP offering,” said Townsend Lansing, head of the development department.

LITE will be the company’s third cryptocurrency ETP.

In January 2021 CoinShares released the first such product based on Bitcoin. The instrument received the ticker BITC.

Subsequently the company launched the Ethereum-ETP. It also appeared on the SIX Swiss Exchange listing.

Earlier, CoinShares and 3iQ Corp announced the launch of a Bitcoin ETF in Canada. The companies are awaiting regulatory approval.