Bitwise Launches BLIT, First ETP Tracking Lighter's LIT Token

Bitwise has launched its first exchange-traded product (ETP) tracking Lighter's LIT token, expanding competition between decentralized perpetual trading platforms into European investment products. The Bitwise Lighter Staking ETP, or BLIT, began trading on Deutsche Börse Xetra on September 23 with a 0.85% annual expense ratio.

The product is physically backed by LIT held in cold storage and tracks the Kaiko Lighter Reference Rate. At launch, it had roughly $4.74 million in assets under management and approximately 1.012 million LIT tokens in cold storage.

While BLIT currently provides only price exposure to LIT, Bitwise plans to activate staking once the product reaches a sufficient level of assets for efficient operations. If activated, staking rewards would accrue daily and increase the cryptocurrency entitlement represented by each ETP unit.