Crypto · updated 1h ago · 2 min read
Bitwise Launches Lighter Staking ETP BLIT on Deutsche Börse Xetra
Bitwise launches Lighter Staking ETP (ticker BLIT) on Deutsche Börse Xetra. The ETP tracks Kaiko Lighter Reference Rate Index, enabling exposure via regular broker accounts.
Whether staking is expected/handled immediately.
9 of 10 outlets skipped it: BLIT size: assets under management about $4.74m.
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Cointelegraph
“Until then, the ETP will track LIT’s price without generating staking returns.”Read the original ↗
Cointelegraph stresses “returns” framing; others stress “rewards” status.
BLIT debuts on Xetra
Bitwise launched its Bitwise Lighter Staking ETP, ticker BLIT, on Deutsche Börse Xetra as the first product tracking LIT, Lighter's native token. Bitwise said the ETP is fully backed by LIT held in cold storage and carries a 0.85% annual expense ratio, while European investors can buy it through a regular brokerage account without a wallet or gas. Bitwise said BLIT is not yet generating staking rewards, and it plans to begin staking once the product holds enough assets under management to make the process efficient.
CoinGecko data cited in the coverage put Lighter's trading volume at nearly $1.8 billion over the past 24 hours, as the launch arrived during an ongoing push to compete with Hyperliquid. The launch followed Bitwise's Hyperliquid staking ETP in Europe in April, as Bitwise expanded its lineup of products tied to decentralized derivatives platforms.
Staking promise, delayed
Bitwise said staking will begin only once BLIT reaches enough assets under management to make the process efficient, and the ETP until then tracks LIT's price without generating staking returns. Bitwise plans to reflect yield generated by staking the underlying holdings in the product once the ETP's assets under management reach a certain threshold. BLIT held roughly $4.74 million in assets backed by 1.01 million LIT at launch, and staking has not started and will only begin once BLIT reaches sufficient assets under management.
The product trades on the Deutsche Börse in Frankfurt under the ticker BLIT, with ISIN DE000A4AV9T5, and investors pay a total expense ratio of 0.85 percent a year. Bitwise states on its own product page that the LIT holdings behind the product are currently not being staked.
Perp-DEX rivalry and access
Lighter operates as an Ethereum-based decentralized exchange focused on perpetual futures, using zero-knowledge proofs to verify trades while letting users keep custody of their assets rather than depositing them with a centralized exchange. Bitwise positioned BLIT as a way for European investors to get exposure to LIT through existing brokerage accounts, and finance.biggo said the launch marked the first ETP in Europe designed to track LIT. Lighter charges retail traders no fees, generating revenue from professional market makers, liquidations, and treasury income, as the platform competes in a perpetual futures market.
Hyperliquid held more than 61% of decentralized perpetual futures trading on one public measure of market share, and Circle announced a deal to expand USDC usage on Hyperliquid in May. Coinbase on-chain data showed roughly $5 billion in USDC was held on the chain at the time, as the ETP launch added another regulated wrapper for European investors watching the perp-DEX race.