Bitwise launches first Lighter ETP as LIT extends 580% rebound

Bitwise has launched the first crypto ETP tracking Lighter, giving European investors exchange traded exposure to the decentralized trading platform’s LIT token. LIT rose nearly 5% on Wednesday to trade around $5.30, bucking a broader crypto market decline that saw Bitcoin, Ethereum, Solana and XRP move lower. The token has also staged a sharp recovery this year, climbing more than 580% since hitting an all time low near $0.78 at the end of March before beginning its rebound in early April. The Bitwise Lighter Staking ETP began trading on Deutsche Börse Xetra under the ticker BLIT. The product tracks the Kaiko Lighter Reference Rate and carries an annual expense ratio of 0.85%. BLIT is fully backed by LIT tokens held in cold storage and can be purchased through a traditional brokerage account without requiring investors to manage wallets or private keys. The product is also structured to earn staking rewards, although staking will not begin immediately. Bitwise said it will activate staking once the ETP reaches sufficient assets under management to operate efficiently. Until then, BLIT will only track the price of LIT. Lighter is an onchain decentralized exchange focused on perpetu...