Key Takeaways
- • Bitwise Asset Management launched the Bitwise Lighter Staking ETP (BLIT) on Deutsche Börse Xetra, marking Europe's first exchange-traded product tracking LIT, the native token of Lighter, an Ethereum-based decentralized derivatives platform.
- • BLIT trades with a 0.85% annual expense ratio and is fully backed by cold-stored LIT, currently tracking price only with staking rewards to commence once assets under management reach sufficient scale.
- • Lighter recorded nearly $1.8 billion in 24-hour trading volume and secured Robinhood Chain integration in July, positioning itself as a zero-fee challenger to Hyperliquid, which maintains over 61% market share in decentralized perpetual futures trading.
- • The launch extends Bitwise's European crypto product suite following its April 2026 debut of the Hyperliquid Staking ETP on Deutsche Börse Xetra, reflecting institutional demand for regulated exposure to competing decentralized derivatives platforms.
Summary
Bitwise Asset Management has expanded its institutional cryptocurrency product offerings in Europe with the launch of the Bitwise Lighter Staking ETP (ticker: BLIT) on Deutsche Börse Xetra. The product provides traditional brokerage customers with regulated, wallet-free exposure to LIT, the native token of Lighter, an Ethereum-based decentralized derivatives platform. The ETP is fully collateralized with cold-stored LIT and charges a 0.85% annual expense ratio while tracking the Kaiko Lighter Reference Rate Index.
This launch marks the first ETP in Europe designed to track Lighter's native token. While branded as a "staking" product, BLIT will initially track price performance only, with staking operations to commence once the fund accumulates sufficient assets under management to operate efficiently. The structure allows institutional and retail investors to gain exposure without managing cryptocurrency wallets or private keys—a key barrier for traditional institutional participants.
Lighter has emerged as a notable challenger to Hyperliquid, the dominant player in decentralized perpetual futures trading. The platform recorded nearly $1.8 billion in 24-hour trading volume and recently secured Robinhood Chain integration in July 2026. Despite this growth trajectory, Hyperliquid maintains commanding market dominance, controlling more than 61% of all decentralized perpetual futures trading volume. Lighter positions itself as a zero-fee alternative, potentially appealing to cost-conscious traders.
Bitwise's dual product strategy reflects the competitive dynamics within on-chain derivatives. The firm launched its Hyperliquid Staking ETP (BHYP) in April 2026 on Deutsche Börse Xetra and subsequently introduced a spot Hyperliquid ETF (BHYP) on NYSE in May 2026 with a lower 0.34% sponsor fee. The sequential launch of products tracking rival platforms demonstrates institutional appetite for diversified exposure to competing decentralized exchanges and suggests Bitwise views both Hyperliquid and Lighter as strategically important positions in the evolving decentralized derivatives landscape.
This launch marks the first ETP in Europe designed to track Lighter's native token. While branded as a "staking" product, BLIT will initially track price performance only, with staking operations to commence once the fund accumulates sufficient assets under management to operate efficiently. The structure allows institutional and retail investors to gain exposure without managing cryptocurrency wallets or private keys—a key barrier for traditional institutional participants.
Lighter has emerged as a notable challenger to Hyperliquid, the dominant player in decentralized perpetual futures trading. The platform recorded nearly $1.8 billion in 24-hour trading volume and recently secured Robinhood Chain integration in July 2026. Despite this growth trajectory, Hyperliquid maintains commanding market dominance, controlling more than 61% of all decentralized perpetual futures trading volume. Lighter positions itself as a zero-fee alternative, potentially appealing to cost-conscious traders.
Bitwise's dual product strategy reflects the competitive dynamics within on-chain derivatives. The firm launched its Hyperliquid Staking ETP (BHYP) in April 2026 on Deutsche Börse Xetra and subsequently introduced a spot Hyperliquid ETF (BHYP) on NYSE in May 2026 with a lower 0.34% sponsor fee. The sequential launch of products tracking rival platforms demonstrates institutional appetite for diversified exposure to competing decentralized exchanges and suggests Bitwise views both Hyperliquid and Lighter as strategically important positions in the evolving decentralized derivatives landscape.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.