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CoinShares Introduces First Litecoin Based ETP

CoinShares Introduces First Litecoin Based ETP
Photo by Executium on Unsplash

The UK-based digital asset manager CoinShares advocated the launch of a new Litecoin ETP (Exchange-traded product). As per the April 6 announcement, CoinShares has introduced its CoinShares Physical Litecoin. CoinShares will list the ticker symbol LITE. 0.20 Litecoins will back each unit of the ETP at the launch. Additionally, LITE will trade against the U.S. dollar as the base currency. Moreover, this will offer investors passive exposure to the Litecoin network’s native asset. It will initially list on Switzerland’s regulated crypto exchange SWISS SIX exchange with a fee of 1.50%. 

The CoinShares Physical Litecoin is the third crypto ETP product launched in 2021 on CoinShares’ institutional-grade ETP platform, CoinShares Physical. After debuting physically-backed Bitcoin ETP on the platform in January, CoinShares introduced a similar product for Ether (ETH) in February. As per the announcement, CoinShares recently has approximately $4 billion in AUM, with Bitcoin estimating for over 60%. Moreover, CoinShares Chief Revenue Officer, Frank Spiteri, illustrated that LITE is the next step to introduce a comprehensive and diversified offering of ETPs to the market.

Coinshares to Launch Bitcoin ETF in Collaboration with 3iQ

CoinShares is a significant European crypto-based financial services provider. Aside from Litecoin, it also operates investment instruments supported by Bitcoin and Ethereum. Also, CoinShares declared that it had allied with the 3iQ, a Canadian digital asset management firm. 3iQ CoinShares Bitcoin ETF will be listed on the Toronto Stock Exchange, subject to the listing requirements’ satisfaction. Moreover, 3iQ CoinShares Bitcoin ETF will trade under the ticker BTCQ. 

Moreover, the crypto ETP industry has witnessed some rapid development in Europe. In March, Deutsche Borse’s electronic trading platform Xetra announced its first Ether-backed ETPs by European ETP issuers such as ETC Group and 21Shares. In February, 21Shares introduced the world’s first Polkadot ETP on the Swiss SIX exchange. It tracks five significant cryptos like Bitcoin and Ether. Moreover, it added the new ETP after adding Polkadot to 21Shares’ major ETP product Crypto Basket ETP (HODL) on January 29. It tracks five major cryptos, whereas HODL has removed Bitcoin Cash and is now listing Polkadot as the second-largest component after Bitcoin.

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