Bitwise Launches Lighter ETP as Competition Heats Up in Decentralized Derivatives

Bitwise Asset Management has launched an exchange-traded product (ETP) in Europe that tracks Lighter, giving traditional investors a way to bet on one of Hyperliquid's emerging rivals without directly buying its token. The Bitwise Lighter Staking ETP (BLIT), which launched on Deutsche Börse Xetra, is the first ETP to track LIT, the native token of decentralized derivatives platform Lighter.

The product is fully backed by LIT held in cold storage and carries an annual expense ratio of 0.85%. European investors can buy the ETP through a regular brokerage account without buying or holding LIT directly.

While BLIT isn't generating staking rewards yet, Bitwise said staking will begin once the product reaches enough assets under management to make the process efficient. In the meantime, the ETP will track LIT's price without generating staking returns.