TL;DR:
- The financial vehicle trades under the ticker BLIT on Deutsche Börse Xetra with full physical backing held in cold storage.
- The LIT token posted a 12% gain over the last 24 hours following the official listing announcement.
- The protocol maintains a total value locked (TVL) of $744 million at the time of launch.
Bitwise launched its Lighter ETP on the German exchange Deutsche Börse Xetra to begin trading during Wednesday’s session, September 23. The new financial instrument trades under the ticker symbol BLIT and provides direct exposure to the native LIT token.
The vehicle’s structure features 100% physical backing via tokens held in segregated cold storage. According to a report from Bitwise Europe, the product tracks the Kaiko Lighter Reference Rate index and will incorporate daily staking rewards once the fund reaches a critical mass of assets under management.
Market reaction was immediate following the news release. CoinGecko reported that the price of LIT jumped 12% over the last 24 hours, hitting a price of $5.31 with a trading volume of $140.16 million.
The asset’s market capitalization reached $1.325 billion following the market open. Technical documentation from Lighter notes that the current circulating supply stands at 250 million tokens out of a maximum cap of 1 billion.
The battle for perpetual derivatives and traditional assets
The issuance of BLIT intensifies direct competition within the decentralized perpetual exchange sector, where Hyperliquid has commanded volume throughout the recent cycle. Bitwise already offers its BHYP product in the European market, which focuses on the Hyperliquid ecosystem.
Both protocols are competing for liquidity from institutional and retail investors seeking to trade derivatives without intermediaries. Lighter’s technical architecture incorporates zero-knowledge proofs for settlements and high-throughput verifiable order matching.
Additionally, the network has integrated perpetual contracts on highly liquid U.S. equities such as Apple, Amazon, and Tesla. An analysis by Bitwise suggests that this convergence between traditional securities and decentralized rails could capture steady inflows from regulated European investors.
The ETP architecture allows trading via traditional brokerage accounts without requiring private key custody in crypto wallets. The fund’s official prospectus outlines a management fee of 0.85% for this Germany-domiciled vehicle.
The issuer confirmed that activating the staking feature for share holders will be announced through a separate regulatory circular as soon as trading volume ensures operational efficiency.
