Bitwise Launches First Lighter ETP Tracking LIT Token
Bitwise has launched its first Lighter ETP (Exchange Traded Product) under the ticker BLIT, which tracks the LIT token on decentralized trading platform Lighter. This move gives European investors exchange-traded exposure to the LIT token without requiring them to manage wallets or private keys.
The LIT token has seen a significant rebound this year, increasing by over 580% since hitting an all-time low in March. The price of LIT rose nearly 5% on Wednesday to trade around $5.30, bucking the broader crypto market decline that saw Bitcoin, Ethereum, Solana, and XRP move lower.
BLIT is fully backed by LIT tokens held in cold storage and carries an annual expense ratio of 0.85%. The product also earns staking rewards, although staking will not begin immediately due to insufficient assets under management. Once activated, BLIT will track the price of LIT while earning staking rewards.
Lighter is a decentralized exchange focused on perpetual futures, offering trading pairs that include crypto assets and traditional financial stocks such as Apple, Amazon, and Tesla. Retail traders pay no fees for trading on Lighter, with revenue generated from professional market makers, liquidations, and treasury income.