Bitwise Launches First Crypto ETP Tied to Decentralized Trading Platform Lighter

Bitwise has launched an exchange-traded product (ETP) that tracks the price of Lighter's $LIT token, giving European investors a way to gain exposure to the decentralized trading platform. This marks the first time Bitwise has offered an ETP tied to a specific on-chain trading platform.

The LIT token itself has seen significant growth this year, rising over 580% since hitting its all-time low near $0.78 in late March. It currently trades around $5.30 after gaining nearly 5% on Wednesday.

Bitwise's new ETP, called Bitwise Lighter Staking ETP and trading under the ticker BLIT, will track the Kaiko Lighter Reference Rate and carry an annual expense ratio of 0.85%. The product is fully backed by $LIT tokens held in cold storage and can be purchased through a traditional brokerage account without requiring investors to manage wallets or private keys.

While staking rewards will not begin immediately, Bitwise plans to activate them once the ETP reaches sufficient assets under management to operate efficiently. Until then, BLIT will only track the price of $LIT.