Bitwise Launches First Lighter ETP Amid Hyperliquid Rivalry

Bitwise Asset Management has launched an exchange-traded product (ETP) in Europe tracking Lighter, a decentralized derivatives platform that's rivaling Hyperliquid. The new ETP, called Bitwise Lighter Staking ETP (BLIT), allows traditional investors to bet on Lighter without directly buying its token.

The BLIT ETP is fully backed by $LIT, the native token of Lighter, held in cold storage and carries a 0.85% annual expense ratio. European investors can buy the ETP through a regular brokerage account without having to hold or buy $LIT directly.

Lighter has gained significant traction recently, recording nearly $1.8 billion in trading volume over the past 24 hours, according to CoinGecko data. The platform uses zero-knowledge proofs to verify trades and allows users to retain control of their assets, making it an attractive option for retail investors.