After releasing bodily-backed change-traded merchandise monitoring the performance of Bitcoin (BTC) and Ethereum (ETH) earlier this year, CoinShares has expanded its portfolio with the addition of a Litecoin ETP.
Litecoin ETP Arrives from CoinShares
According to an announcement from April Sixth, CoinShares has launched one more change-traded product monitoring the performance of a cryptocurrency asset called CoinShares Physical Litecoin.
The corporate published that the immoral price of the product will be 1.50%. This is in a position to perhaps maybe also be listed on Switzerland’s regulated stock change – Swiss SIX Alternate below the ticker LITE. Interestingly, the immoral currency would be the US buck, despite being launched in Europe.
CoinShares outlined that every LITE unit will be backed with 0.20 litecoins upon releasing the product, which should always present traders with “passive publicity” to LTC.
Weighing in on the topic used to be Towsend Lansing, CoinShare’s Head of Product:
”LITE comes hot on the heels of our Bitcoin and Ethereum product launches in 2021 and can have to beget the serve of the identical great and transparent bodily-backed product structure. We are mad to add publicity to any such nicely-accredited and broadly traded crypto-asset to our new product line.”
CoinShares is amongst the perfect digital asset funding homes in Europe. The announcement at the present time brought the company’s total probability of funding merchandise to seven.
The company’s portfolio consists of over $4B in sources below administration. Greater than two-thirds of that quantity is in Bitcoin publicity, with Ethereum being the 2d one.
CoinShares’ Expansion Continues
The CoinShares Physical Litecoin grew to change into the third crypto ETP product launched by the group in 2021. The first bodily-backed ETP to stumble on the gentle of day came in January. Critically expectedly, it tracked the price of the major cryptocurrency – Bitcoin.
As CryptoPotato reported in February, Ethreum used to be the next on the checklist to safe a identical product developed and launched by CoinShares.
Chief Earnings Officer Frank Spiteri reasoned that the Litecoin ETP comes amid increased ardour from traders towards your total cryptocurrency commerce:
”As question for digital sources amongst the worn funding community regularly increases, we are initiating to take a look at the inexperienced shoots of question for funding exposures out of doors of the 2 high dominant networks. Coinshares is the chief in creating original suggestions for traders to procure admission to the digital asset ecosystem, and LITE is the next step on a route to bringing a more complete and a form of offering of ETPs to market.”
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