Bitwise LIT ETP Begins Trading on Xetra

Bitwise’s Lighter Staking ETP began trading on Deutsche Börse Xetra on September 23, giving European investors a brokerage-accessible way to gain exposure to LIT, the native token of the Lighter trading platform. The product, listed under the ticker BLIT, holds LIT in cold storage, according to Bitwise, and tracks the Kaiko Lighter Reference Rate. The ETP is designed to let investors access LIT through standard brokerage accounts without buying the token directly or managing cryptocurrency wallets and private keys. Bitwise describes the product as physically backed. Its reported annual expense ratio is 0.85%. Despite its name, BLIT is not currently generating staking rewards. Bitwise said staking will begin only after the product reaches a sufficient level of assets under management to make the process efficient. The company has not disclosed the required threshold or a start date. Until staking is activated, the product tracks LIT’s price without staking income. Bitwise said rewards, once staking begins, will be reflected in the cryptocurrency exposure represented by the ETP units.