Bitwise launches first Lighter ETP amid Hyperliquid rivalry
Bitwise launched the Bitwise Lighter Staking ETP (BLIT) in Europe, tracking LIT, the native token of decentralized derivatives platform Lighter. The ETP, listed on Deutsche Börse Xetra, is backed by LIT in cold storage and has a 0.85% expense ratio. Staking rewards will start once sufficient assets under management are reached. Lighter competes with Hyperliquid in the decentralized derivatives market, with nearly $1.8 billion in 24-hour trading volume, according to CoinGecko.
How this was made
The 30-second read
Why it matters
The product expands crypto exposure options in Europe and may set a precedent for other token‑linked ETPs.
Market read
Introduces regulated access to LIT, potentially increasing its market depth and attracting institutional capital.
What to watch
Expense ratio of 0.85% could erode returns; liquidity on Xetra may be limited initially.
Background
Bitwise has previously launched a Hyperliquid staking ETP; Lighter competes with Hyperliquid in the perpetual futures market.
Market effects
May boost interest in decentralized derivatives ETFs and similar crypto‑linked products.
European investors gain regulated access to LIT, potentially increasing EU crypto exposure.
Adds a new tradable vehicle for a niche crypto, could influence broader crypto‑ETF landscape.
Counterpoint
Without staking rewards, the ETP may underperform the spot token if demand for yield remains high.
Key entities
- Asset ManagerBitwise Asset Management
Issuer of the new Lighter Staking ETP.
- CryptocurrencyLighter (LIT)
Native token of the decentralized derivatives platform.
