Bitwise has listed its first exchange-traded product tracking Lighter’s LIT token on Deutsche Borse Xetra, giving European investors exposure through standard brokerage accounts rather than by holding cryptocurrency directly.
The Bitwise Lighter Staking ETP, trading under the ticker BLIT from 23 September, is physically backed by LIT held in cold storage. It tracks the Kaiko Lighter Reference Rate, has an annual total expense ratio of 0.85% and is issued by Bitwise Europe GmbH in Germany.
At launch, 202,594 BLIT units were outstanding, backed by 1.01 million LIT worth approximately $4.74m. Each unit represents just under five LIT. The product is listed as a secured debt security with physical replication, no leverage and no asset lending, under ISIN DE000A4AV9T5.
LIT was trading at about $5 on 23 September after gaining close to 9% in 24 hours. The token had already been rising, moving from a close of about $4.74 on 21 September to $5.07 on 22 September.
That timing makes it difficult to attribute the increase solely to the ETP. CoinGecko valued LIT’s market capitalisation at roughly $1.27bn on 23 September, with trading volume near $84.7m, meaning BLIT’s initial holdings represented only a small part of the wider market.
Further inflows could require Bitwise to acquire additional LIT to back newly created units, potentially creating a larger source of demand. Previous access expansions have coincided with price gains: LIT rose about 15% after Lighter added Robinhood Chain collateral support, while Upbit introduced a LIT-won market in August.
Staking has yet to begin
Despite its name, BLIT is not currently staking the LIT held for the product. Bitwise said staking will start once the ETP has sufficient assets under management for the process to operate efficiently, but it has not disclosed the required threshold or a start date.
Until then, investors receive exposure only to LIT’s price while paying the 0.85% annual fee. If staking begins, rewards are expected to accrue daily and increase the amount of cryptocurrency represented by each unit. Bitwise said it will announce the activation separately.
LIT is the native token of Lighter, an Ethereum layer 2 decentralised exchange focused on perpetual futures and other on-chain markets. The platform uses zero-knowledge proofs to verify order matching and liquidations, while transactions are processed away from Ethereum before proofs are submitted to the network.
Lighter also offers perpetual markets linked to Apple, Amazon and Tesla shares, allowing price exposure without owning the underlying stocks. It charges retail traders no trading fees and earns revenue from professional market makers, liquidations and treasury income.
During a major cryptocurrency sell-off in February, Lighter processed about $7.5bn in perpetual futures volume in 24 hours, nearly 9.5% of sector activity. Toward the end of 2025, its 30-day volume reached close to $198bn, compared with roughly $166bn for Hyperliquid.
LIT launched in December, with 25% of its total supply distributed through a community airdrop. The ecosystem received 50%, while 26% went to the team and 24% to investors; team and investor allocations face a one-year lock-up followed by three years of linear vesting.
Bitwise previously launched a European Hyperliquid Staking ETP in April and a US Hyperliquid ETF in May. Bitwise’s managing director and head of Europe, Bradley Duke, said BLIT extends its European staking range to a platform bringing assets such as US shares on to blockchain infrastructure. Lighter founder and chief executive Vladimir Novakovski said the exchange was built for institutional-grade on-chain perpetuals trading with verifiable execution.
