Bitwise launches first Lighter ETP amid Hyperliquid rivalry

Bitwise Asset Management has launched an exchange-traded product (ETP) in Europe tracking Lighter, giving traditional investors a way to bet on one of Hyperliquid’s emerging rivals without buying its token directly.

On Wednesday, Bitwise said its Bitwise Lighter Staking ETP (BLIT) had launched on Deutsche Börse Xetra, making it the first exchange-traded product tracking LIT, the native token of decentralized derivatives platform Lighter.

The product is fully backed by LIT held in cold storage and carries a 0.85% annual expense ratio. European investors can buy the ETP through a regular brokerage account without buying or holding LIT directly.

Despite its name, BLIT isn’t generating staking rewards yet. Bitwise said staking will begin once the product reaches enough assets under management to make the process efficient. Until then, the ETP will track LIT’s price without generating staking returns.

The Lighter product follows Bitwise’s launch of a Hyperliquid staking ETP in Europe in April, as the asset manager expands its lineup to include tokens tied to some of the largest decentralized derivatives platforms.

Lighter is an Ethereum-based decentralized exchange focused on perpetual futures, using zero-knowledge proofs to verify trades while allowing users to retain control of their assets rather than depositing them with a centralized exchange. The platform also offers zero-fee trading for retail users, part of its effort to compete with established decentralized derivatives platforms such as Hyperliquid.