Bitwise Launches Lighter Staking ETP on Deutsche Börse Xetra

The new BLIT product gives European investors exchange-traded exposure to LIT, the native token of on-chain derivatives platform Lighter, with staking rewards planned once the product reaches sufficient scale.

23 September 2026 — Frankfurt — Bitwise has launched the Bitwise Lighter Staking ETP, extending its European crypto product range with exposure to LIT, the native token of decentralised trading platform Lighter. The product is listed on Deutsche Börse Xetra under ticker BLIT and tracks the Kaiko Lighter Reference Rate. Pasted text

The ETP is designed to give investors access to LIT through a traditional brokerage account without requiring them to manage crypto wallets, private keys or on-chain staking directly. Bitwise says the product will also be structured to capture staking-related returns once staking is activated. Pasted text

The launch reflects growing institutional interest in infrastructure that connects crypto-native markets with more traditional financial assets, particularly through decentralised exchanges offering perpetual futures and other derivatives.

Lighter bridges crypto and traditional market exposure

Lighter is a decentralised exchange built around on-chain derivatives trading. The platform allows users to trade major cryptocurrencies alongside perpetual contracts linked to traditional assets, including companies such as Apple, Amazon and Tesla. Pasted text

Unlike a traditional broker, the platform does not rely on fixed exchange opening hours and is moving toward continuous access across most of the week. Users can therefore gain price exposure to selected US-listed companies outside standard market hours, with settlement taking place through blockchain infrastructure rather than a conventional brokerage account. Pasted text

Lighter also uses a different revenue model from many retail trading platforms. According to the company, retail users do not pay trading fees, while revenues are generated through professional market makers, liquidations and treasury income. Pasted text

Its native token, LIT, sits at the centre of the network’s economics and is the underlying asset tracked by the new Bitwise ETP. Pasted text

Bitwise expands European staking suite

The launch follows Bitwise’s April introduction of the Bitwise Hyperliquid Staking ETP, which provides exposure to another on-chain derivatives platform. BLIT extends that strategy into Lighter, giving investors a second listed route into the emerging decentralised trading infrastructure segment. Pasted text

Bradley Duke, Managing Director and Head of Europe at Bitwise, said the new product reflects the increasing overlap between blockchain-based trading and mainstream finance.

“As on-chain trading platforms increasingly bridge crypto and mainstream markets, we expect this kind of infrastructure to become more relevant to a broader range of investors.”

He added that BLIT offers exchange-traded access to the segment through what Bitwise describes as a familiar and regulated investment structure. Pasted text

For investors, the attraction lies in gaining exposure to the growth of on-chain market infrastructure without having to interact directly with decentralised finance protocols.

Zero-knowledge proofs sit at the centre of Lighter’s model

Lighter founder and CEO Vladimir Novakovski said the platform was designed to support institutional-grade perpetuals trading on-chain while preserving execution transparency.

“Lighter was built to bring institutional-grade perpetuals trading fully on-chain, using zero-knowledge proofs to guarantee fair, verifiable execution without sacrificing speed.”

The use of zero-knowledge proofs is intended to provide verifiable execution while retaining the performance required for active derivatives trading. Pasted text

That design places Lighter within a broader generation of decentralised exchanges trying to narrow the gap between crypto-native transparency and the speed and usability associated with centralised trading platforms.

BLIT is fully backed by LIT tokens

Bitwise says BLIT is fully backed by LIT tokens held in cold storage. Investors can buy and sell the ETP through standard brokerage accounts, while any future staking rewards are expected to accrue to the product and be reflected in the cryptocurrency entitlement of each ETP unit. Pasted text

The ETP carries a 0.85% annual total expense ratio and is issued by Bitwise Europe GmbH in Germany. Its ISIN is DE000A4AV9T5, with WKN A4AV9T. Pasted text

Staking will not begin immediately. Bitwise states that staking is expected to start only once the ETP reaches a sufficient level of assets under management to make the process operationally efficient. Until then, BLIT will provide exposure only to the price performance of LIT. Pasted text

That distinction is important for investors because the product’s staking component is conditional rather than active from launch.

On-chain trading is expanding beyond crypto

The development reflects a wider shift across decentralised trading platforms.

A growing number of on-chain venues are adding products linked to equities, commodities and other traditional financial assets alongside cryptocurrencies. This is gradually extending blockchain-based trading beyond its original crypto-only market structure. Pasted text

For exchanges such as Lighter and Hyperliquid, the opportunity is to position blockchain infrastructure not simply as an alternative market for digital assets, but as a broader trading layer capable of hosting exposure to multiple asset classes.

That could increase interest from asset managers, professional traders and financial institutions seeking continuous markets, programmable settlement and more transparent infrastructure.

At the same time, the model introduces additional questions around liquidity, regulation, asset representation and how synthetic exposure to traditional assets interacts with existing market structures.

Crypto ETP demand continues to broaden

Bitwise’s decision to add Lighter to its European range also shows how listed crypto products are becoming more specialised.

Early exchange-traded crypto products largely focused on Bitcoin and Ethereum. More recent products increasingly offer exposure to staking, individual blockchain networks and specific areas of digital-asset infrastructure.

BLIT belongs to that newer category.

Rather than providing broad crypto-market exposure, the ETP gives investors a targeted position in one trading protocol and its underlying token.

That concentration can create more upside if the protocol grows, but it also introduces greater platform-specific risk.

Risks remain significant

Bitwise warns that crypto-linked ETPs carry substantial risk and that investors can lose the full amount invested.

The product is exposed to volatility, liquidity, custody, regulatory and broader market risk. If staking is activated, additional risks can include lock-up periods, validator errors, slashing and protocol changes that may affect rewards or availability. Pasted text

The base prospectus has been approved by Germany’s BaFin, but Bitwise notes that regulatory approval should not be interpreted as an endorsement of the security or its investment quality. Pasted text

The product is also not available to retail clients in the UK or France, where the release is directed solely at investment professionals. Pasted text

About Bitwise

Bitwise is a cryptocurrency-focused asset manager offering ETPs, staking products, separately managed accounts, private funds and hedge-fund strategies across the US and Europe. The company says it manages more than $11 billion in client assets. Pasted text