Bitwise lists Europe's first Lighter ETP on Deutsche Börse Xetra
Bitwise has launched an exchange-traded product tracking Lighter's LIT token in Europe, giving brokerage investors exposure to a rival of perpetual futures leader Hyperliquid.
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Key points
- Bitwise Lighter Staking ETP (BLIT) listed on Deutsche Börse Xetra, the first ETP tracking LIT
- The product is fully backed by LIT in cold storage and charges a 0.85% annual expense ratio
- Staking rewards will not begin until the ETP reaches sufficient assets under management
- Lighter recorded nearly $1.8 billion in trading volume in the past 24 hours, per CoinGecko
- Hyperliquid controlled more than 61% of decentralized perpetual futures trading, data cited by The Motley Fool shows
Bitwise Asset Management has launched an exchange-traded product in Europe that tracks Lighter, giving traditional investors a way to gain exposure to one of Hyperliquid's emerging rivals without buying its token directly. According to CoinTelegraph, the Bitwise Lighter Staking ETP (BLIT) began trading on Deutsche Börse Xetra on Wednesday, making it the first exchange-traded product tracking LIT, the native token of the decentralized derivatives platform Lighter (lighter etp)
The product is fully backed by LIT held in cold storage and carries a 0.85% annual expense ratio. European investors can buy it through a regular brokerage account rather than purchasing or holding the token themselves. Despite the staking label, Bitwise said the ETP is not yet generating staking rewards; staking will start once the product has enough assets under management for the process to be efficient, and until then it simply tracks LIT's price.
The launch follows Bitwise's Hyperliquid staking ETP in Europe in April, part of a wider push by the asset manager into tokens tied to large decentralized derivatives platforms. Lighter is an Ethereum-based decentralized exchange focused on perpetual futures that uses zero-knowledge proofs to verify trades while letting users keep control of their assets instead of depositing them with a centralized exchange. It also offers zero-fee trading for retail users as it seeks to compete with established players such as Hyperliquid.
Lighter gained a significant distribution channel in July when Robinhood integrated the exchange into Robinhood Chain, its Ethereum layer-2 network. Eligible Robinhood Wallet users can trade perpetual futures through Lighter, with trades settled using Lighter smart contracts on Robinhood Chain. CoinTelegraph reports that Lighter recorded nearly $1.8 billion in trading volume over the previous 24 hours, citing CoinGecko data.
Hyperliquid remains the far larger player. It runs on its own layer-1 blockchain rather than as an Ethereum layer-2, and controlled more than 61% of decentralized perpetual futures trading, according to data cited by The Motley Fool. It has continued to expand through partnerships, including a May deal with Circle to deepen USDC usage on the platform, when roughly $5 billion in USDC was held there, according to Coinbase.
The listing matters because it gives European brokerage investors a regulated route into a fast-growing but still second-place decentralized derivatives venue, while Bitwise builds out a franchise of ETPs tied to the sector's biggest platforms.