Bitwise Launches Lighter $LIT ETP on Deutsche Börse Xetra

Bitwise has launched its first exchange traded product tracking Lighter's $LIT token on Deutsche Börse Xetra, giving European investors access to the asset through conventional brokerage accounts. The Bitwise Lighter Staking ETP began trading under the ticker BLIT on Sept. 23 and tracks the Kaiko Lighter Reference Rate.

The product carries an annual total expense ratio of 0.85% and is issued by Bitwise Europe GmbH in Germany. It's physically backed by $LIT held in cold storage, meaning it holds the underlying cryptocurrency instead of providing synthetic exposure to its price.

According to Bitwise data, there are currently 202,594 ETP units outstanding as of Sept. 23, backed by 1.01 million $LIT. Assets under management stood at approximately $4.74 million, with each ETP unit representing just under 5 $LIT.

Bitwise's current holdings are small compared to the amount of $LIT that could enter circulation under the token's longer term distribution schedule. The company has not disclosed the required asset level or a date for activation before starting staking operations on BLIT.