Bitwise Launches First Lighter ETP as Crypto Markets Heat Up

Bitwise Asset Management has rolled out a new Europe-listed exchange-traded product tied to the token of Lighter, another decentralized derivatives venue competing in the perpetual futures space. The move gives traditional brokerage customers exposure to LIT without requiring them to buy or hold the cryptocurrency directly.

According to Bitwise, its Bitwise Lighter Staking ETP (BLIT) began trading on Deutsche Börse Xetra on Wednesday. Bitwise said BLIT is the first ETP in Europe designed to track LIT, the native token of Ethereum-based decentralized derivatives platform Lighter.

Key takeaways

• Bitwise launched the BLIT exchange-traded product on Deutsche Börse Xetra to provide exposure to LIT in Europe.


• BLIT is fully backed by LIT held in cold storage and charges a 0.85% annual expense ratio.


• The product currently tracks LIT’s price but does not yet generate staking rewards.


• Bitwise positioned Lighter as part of a broader strategy to list ETPs referencing decentralized finance derivatives ecosystems.

BLIT listed on Xetra, backed in cold storage

Bitwise’s announcement states that BLIT holds LIT in cold storage and is structured to be accessible through standard brokerage accounts. That matters for investors who want regulated, exchange-traded access to crypto-linked exposure without managing custody, wallets, or on-chain transaction requirements.

Bitwise set the product’s ongoing cost at 0.85% per year. The ETP is named for staking, but the current design is deliberately more conservative: it focuses on tracking LIT’s market price rather than distributing staking returns immediately.

No staking rewards yet—tracking comes first

Although BLIT is branded as a “staking” product, Bitwise said staking will start only after the ETP reaches a sufficient level of assets under management to make staking operations efficient. Until then, the ETP will mirror LIT’s price performance without generating staking yields.

For investors, the practical implication is straightforward: today’s returns depend on LIT’s market direction rather than whether the underlying token is earning staking revenue. The timing of when staking begins will therefore be a key variable to watch, especially for users evaluating the ETP against alternative crypto exposures that may already be generating yield.

Bitwise builds out a decentralized-derivatives lineup

The Lighter ETP follows Bitwise’s earlier steps into exchange-traded products linked to decentralized derivatives markets. In April, Bitwise launched—per earlier coverage from Cointelegraph—a staking-focused ETP in Europe tied to Hyperliquid, marking a broader effort to bring token exposure from major decentralized trading venues into regulated wrappers.

In this context, BLIT extends Bitwise’s Europe-focused product lineup toward a second derivatives ecosystem. The underlying platform, Lighter, is described by Bitwise as an Ethereum-based decentralized exchange centered on perpetual futures. Bitwise also noted that Lighter uses zero-knowledge proofs to verify trades while aiming to help users retain control of their assets instead of depositing them with a centralized exchange.

Lighter has also marketed zero-fee trading for retail users, a competitive theme aimed at taking share from established decentralized derivatives platforms, including Hyperliquid.

Lighter’s push in a market led by Hyperliquid

Lighter’s expansion isn’t happening in a vacuum. Recent distribution support and trading activity point to growing attention, even as Hyperliquid remains dominant.

Bitwise’s filing and background context highlighted that Lighter recorded nearly $1.8 billion in trading volume over the past 24 hours, based on CoinGecko exchange data. That level of activity underscores why a token-linked ETP could attract investor interest—particularly for those seeking exposure to a high-frequency segment of DeFi that is closely tied to derivatives demand.

Additionally, the platform gained a notable distribution channel in July when Robinhood integrated Lighter into Robinhood Chain, its Ethereum layer-2 network. Eligible Robinhood Wallet users could trade perpetual futures through Lighter, with settlement described as being handled using Lighter smart contracts on Robinhood Chain.

Still, Hyperliquid continues to set the pace in decentralized perpetual trading. The article notes that Hyperliquid controlled more than 61% of decentralized perpetual futures trading, citing data referenced by The Motley Fool. Hyperliquid’s dominance is reinforced by ecosystem support, including payments and stablecoin settlement dynamics.

For example, Circle announced in May that it would expand support for USDC on Hyperliquid, aiming to improve liquidity and make stablecoin transfers easier across blockchains. At the time, Coinbase reported that roughly $5 billion in USDC was held on Hyperliquid.

What to watch next for BLIT and LIT exposure

BLIT’s launch gives European investors a new, regulated route to LIT exposure, but the product’s key question is whether and when staking returns begin. Traders and long-term holders should also monitor Lighter’s competitive position—especially as it continues to differentiate itself in the perpetuals market against Hyperliquid and other venues.

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