Bitwise launches first Crypto ETP tracking Lighter, a fast-growing challenger to Hyperliquid

Provides exposure to LIT, the native token of Lighter, with the potential to earn staking rewards
Lighter lets users trade crypto and real-world asset derivatives directly onchain, without a traditional broker or exchange holding their money
Product is Bitwise's latest European-listed staking ETP and reflects continued investor interest in the platforms connecting crypto and mainstream financial markets

Bitwise today announces the launch of the Bitwise Lighter Staking ETP (Ticker BLIT; ISIN DE000A4AV9T5) on Deutsche Börse Xetra. The product seeks to provide exchange-traded exposure to LIT, the native token of the Lighter network, by tracking the Kaiko Lighter Reference Rate Index. In addition, the ETP is designed to capture staking-related returns generated on Lighter, a rapidly growing online trading platform built on blockchain technology. This allows investors to benefit from potential additional staking yield without having to manage wallets, private keys, or on-chain staking themselves.

Lighter is a decentralized exchange

The Lighter networks differs from a traditional broker in what it lets users trade, and when. Alongside major cryptocurrencies, it has added the ability to track major global stocks – including Apple, Amazon and Tesla – as continuously-tradable perpetual futures contracts. Trading is available across most of the week, with the platform moving towards round-the-clock access, removing the fixed opening hours and geographic restrictions that usually apply to stock markets. This means a user anywhere in the world can gain price exposure to major US companies, outside regular normal stock exchange hours. Settlement and security are based on blockchain infrastructure rather than a traditional brokerage account. Lighter charges retail traders no trading fees, generating revenue instead from professional market makers, liquidations and treasury income - a model that has supported rapid growth since launch.

LIT, the platform's native token, is used to help align network participants and support Lighter's own economics, and is the underlying asset tracked by the Bitwise Lighter Staking ETP.

Lighter’s approach reflects a broader shift taking place across on-chain trading platforms: several are now offering access to shares and other traditional assets alongside cryptocurrencies, extending blockchain-based trading beyond crypto itself.

Combining crypto trading with blockchain-based infrastructure

Platforms combining crypto trading with blockchain-based infrastructure have attracted significant interest from the investment community this year, as trading volumes grow rapidly, followed by institutional attention. In April, Bitwise launched the Bitwise Hyperliquid Staking ETP (Ticker BHYP; ISIN DE000A4ARTJ5), tracking the token of a similarly positioned platform. The Bitwise Lighter Staking ETP extends this approach to a similar platform shaping the sector.

Bradley Duke, Managing Director and Head of Europe at Bitwise, said: “The Bitwise Lighter Staking ETP extends our European staking suite into a platform that is helping bring traditional assets like US stocks onto blockchain infrastructure, alongside crypto, and trading around the clock. 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. BLIT gives investors exchange-traded access to this growing segment, with the potential for staking-related returns, through a familiar and regulated structure.”

Vladimir Novakovski, Founder and CEO, Lighter comments: “Lighter was built to bring institutional-grade perpetuals trading fully on-chain, using zero-knowledge proofs to guarantee fair, verifiable execution without sacrificing speed. We’re excited to bring LIT to European investors who don’t yet have a direct way into on-chain markets.”

BLIT, issued by Bitwise Europe GmbH in Germany, is the latest product Bitwise has launched as part of its European Total Return product suite, reflecting the company's ongoing efforts to expand access to index-linked staking products.

BLIT is fully backed by LIT tokens held in cold storage and can be bought and sold via a regular brokerage account, without the need for a crypto wallet. Potential staking rewards, if earned, accrue daily and are reflected in the cryptocurrency entitlement of each ETP unit.

Key Product Details

ETP Name	Bitwise Lighter Staking ETP
Primary Ticker	BLIT
ISIN / WKN	DE000A4AV9T5 / A4AV9T
Index Benchmark	Kaiko Lighter Reference Rate
TER	0.85% p.a.
Issuer	Bitwise Europe GmbH
Domicile	Germany

The product is structured to support staking, which is expected to commence once the ETP has reached a sufficient level of assets under management to enable efficient staking operations. Until staking is activated, the ETP provides exposure to the price performance of LIT only, without generating any staking-related returns. The commencement of staking will be communicated separately, together with all relevant details. Disclaimer: Past performance is not a guarantee of future results. The value of the ETP may go down as well as up, and investors may not recover the amount invested. The ETP is subject to market risk, liquidity risk, custody risk, and regulatory risk. More information available at www.bitwiseinvestments.eu/products. An overview of the products mentioned is available here: Bitwise Product List

Warning: Risks of Crypto ETPs

Investments in crypto-linked products and crypto assets involve high risks. The capital invested is at risk, and losses up to the full amount invested are possible. Investors should note that investing in crypto assets involves significant risks, including:

Volatility risk: The prices of crypto assets and exchange-traded crypto products (ETPs) may be subject to significant fluctuations.
Liquidity risk: Market depth and trading volumes may vary and affect the execution of transactions.
Custody risk: Despite being held with specialized and regulated custodians, digital assets may remain vulnerable to cyberattacks and technical disruptions.
Regulatory risk: The treatment of crypto-assets is subject to evolving regulatory frameworks.
Market risk: Broad market movements can significantly impact the value of the ETP.
Lock-up periods where assets may not be immediately redeemable.
Slashing risk, where misbehavior or validator error may result in partial loss of staked funds.
Network or protocol changes that may affect staking rewards or availability.

This press release is for informational purposes only and does not constitute investment advice, a personal recommendation, or an invitation to buy or sell any financial instrument. Potential investors should seek independent advice and carefully review the relevant information in the respective bond terms and conditions, the relevant Key Information Document, and the accompanying base prospectus, particularly the risk factors. The ETPs issued by Bitwise Europe GmbH are intended for investors with experience in dealing with cryptocurrencies and may be difficult to understand. The relevant documents are available at https://bitwiseinvestments.eu/resources/#Documents

The base prospectus has been approved by the German Federal Financial Supervisory Authority (BaFin). Such approval should not be construed as an endorsement of the quality of the securities. Potential investors should read the base prospectus before making an investment decision to fully understand the potential risks and opportunities of an investment. Past performance is not a reliable indicator of future results. The market price of ETPs may fluctuate; they do not offer a fixed income and may not exactly track the performance of the underlying cryptocurrency. Diversification does not guarantee profits or protect against losses.

In the United Kingdom and France: This press release is directed solely at persons who are investment professionals. It must not be acted upon or relied upon by any other person, including retail clients and the general public. The BLIT ETP is not available to retail clients in the United Kingdom and France.

About Bitwise

Bitwise is one of the world’s leading crypto specialist asset managers. Thousands of financial advisors, family offices, and institutional investors across the globe have partnered with us to understand and access the opportunities in crypto. Since 2017, Bitwise has established a track record of excellence managing a broad suite of delta-one, index and active solutions across ETPs, ETFs, separately managed accounts, private funds, and hedge fund strategies, spanning both the U.S. and Europe.

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Risks of ETPs & Cryptocurrencies

An investment in an ETP backed by one or more cryptocurrencies, such as those issued by BEU, is dependent on the performance of the underlying cryptocurrency, less costs, but it is not expected to match the performance of the underlying asset precisely. Investing in ETPs also involves numerous risks including general market risks relating to underlying, adverse price movements, currency, liquidity, operational, legal and regulatory risks and investors should be prepared to lose some or all of the amount invested.

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