Bitwise Launches Hyperliquid ETF (BHYP) on NYSE With HYPE Staking Rewards

Bitwise Asset Management launched the Bitwise Hyperliquid ETF (NYSE: BHYP), tying investors’ spot exposure to Hyperliquid’s HYPE token and adding staking rewards through its in-house staking division, Bitwise Onchain Solutions.

“Bitwise is rolling out a new ETF that gives investors direct exposure to Hyperliquid’s HYPE token and bakes staking rewards into the fund itself”

BanklessTimes

The fund’s sponsor fee is 0.34%, and Bitwise waived that fee for the first month on the first $500 million in assets, while the ETF is not registered under the Investment Company Act of 1940 and therefore does not carry the same protections as conventional ETFs or mutual funds.

BanklessTimes

Bitwise said Hyperliquid saw $2.9 trillion in trading volume in 2025, up more than 400% from the prior year, and that the platform commands approximately 60% of all onchain derivative open interest globally while processing approximately 200,000 orders per second.

Matt Hougan, Bitwise’s Chief Investment Officer, said, "Hyperliquid has emerged as one of the most compelling investment opportunities in crypto today," and he linked that view to a period when geopolitical tensions spiked and traditional markets were closed.

The launch also placed BHYP alongside 21Shares’ Hyperliquid ETF, with CoinMarketCap noting that 21Shares’ THYP began trading on May 12 and that by Thursday it had logged $8.1 million in traded value with net inflows of approximately $4.9 million.

CoinMarketCap reported that 21Shares’ THYP recorded $1.8 million in trading volume on its debut Tuesday, and it said the Thursday surge was attributed partly to Coinbase’s announcement that it would become the platform’s official treasury deployer for USDC as Hyperliquid phases out its native USDH stablecoin.

The Traders Union account of the same broader Hyperliquid push said Coinbase became official USDC treasury deployer on Hyperliquid, where stablecoin supply has grown to $5 billion, while Andreessen Horowitz wallets accumulated $67 million in HYPE over the last month with $51 million staked.

Benzinga

Bitwise’s own launch materials framed the product as designed to give investors convenient exposure to Hyperliquid’s onchain economy, with the added benefit of in-house staking to seek to maximize returns.

Hougan also said, "When geopolitical tensions spiked on a Sunday morning in February, and traditional markets were closed, the world turned to Hyperliquid for price discovery," and he cited Bloomberg’s crude oil contract as the most relevant price in the market.

In parallel, CoinMarketCap said BHYP begins trading on the New York Stock Exchange on May 15 under the ticker BHYP, entering the market days after 21Shares launched its first-ever Hyperliquid ETF on May 12.

Bitwise’s ETF structure emphasizes staking inside the fund, with CoinMarketCap stating that BHYP will deliver staking rewards to investors through Bitwise Onchain Solutions, while the fund carries a 0.34% sponsor fee set at 0% for the first month on the initial $500 million in assets.

“Bitwise Asset Management, the global crypto asset manager with $11 billion in client assets (as of April 1, 2026), today announced the launch of the Bitwise Hyperliquid ETF (NYSE: BHYP)”

Bitwise Investments

PR Newswire said Bitwise intends to stake the Fund’s Hyperliquid (HYPE) holdings through its in-house staking division, Bitwise Onchain Solutions, and it specified that BHYP is not an investment company registered under the Investment Company Act of 1940.

The same PR Newswire materials also included a risk framing that an investment in BHYP is subject to a high degree of risk and could result in significant or complete loss of investment, and it warned that BHYP is not the same as a direct investment in the Hyperliquid token (HYPE).

In addition to the fee and registration details, CoinMarketCap noted that HYPE holds a market capitalization of $10.5 billion, making it the ninth-largest cryptocurrency by market cap excluding stablecoins, and that HYPE was up over 13% at the time of publication.

As the ETF race continues, CoinMarketCap said 21Shares’ THYP recorded $1.8 million in trading volume on its debut Tuesday and that by Thursday it had $8.1 million in traded value, while The Block reported that BHYP would begin trading on the New York Stock Exchange under the ticker symbol BHYP on Friday.