Bitwise Launches Europe-Listed ETP Tied to Lighter Token

Bitwise Asset Management has launched a new exchange-traded product (ETP) in Europe, tied to the token of Lighter, a decentralized derivatives platform. The Bitwise Lighter Staking ETP (BLIT) began trading on Deutsche Börse Xetra on Wednesday, giving traditional brokerage customers exposure to LIT without requiring them to buy or hold the cryptocurrency directly.

The BLIT ETP is fully backed by LIT held in cold storage and charges an annual expense ratio of 0.85%. It 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.

According to Bitwise, the product is structured to be accessible through standard brokerage accounts and holds LIT in cold storage. The ongoing cost for the ETP is set at 0.85% per year. Although branded as a 'staking' product, BLIT will start generating staking returns only after reaching a sufficient level of assets under management to make staking operations efficient.