CoinShares lists Litecoin and Ripple ETNs
CoinShares, the Swedish ETN provider behind the world’s first bitcoin and Ethereum ETNs, is widening outs its cryptocurrency offering and listing two new products that track Ripple and Litecoin.
- XBT Litecoin Tracker Certificates - SEK
- XBT Ripple Tracker Certificates - SEK
From what we can tell at this early stage, the products will be structured in a similar manner to CoinShares other two products: as unsecured debts with a guarantee coming from a separate Jersey entity. Any replication of the price movements of Ripple and Litecoin will be synthetic.
CoinShares have said that they hold enough bitcoin and ether to cover the total USD AUM value for their two products. Meaning, they claim, that the product is “physically backed” even though it is synthetic. We imagine – but have no evidence – that these two trackers will function in a similar manner.
Both products will be available in Swedish Krona and euros. Both will charge 2.50%.