Bitwise Launches First U.S. Spot Hyperliquid ETF with In-House Staking — Bitwise Asset Management, Inc.

Event summary

Bitwise Asset Management launched the Bitwise Hyperliquid ETF (BHYP) on NYSE, offering exposure to Hyperliquid's native token HYPE with in-house staking.
Hyperliquid's trading volume surged to $2.9 trillion in 2025, a 400% increase from the prior year, commanding 60% of global onchain derivative open interest.
HYPE has become the tenth-largest crypto asset with an $11 billion market cap after less than two years of trading.
Bitwise waives the 0.34% sponsor fee for the first month on the Fund's first $500 million in assets.

The big picture

Bitwise's launch of the BHYP ETF underscores Hyperliquid's emergence as a critical infrastructure player in onchain trading and decentralized finance. The platform's dominance in derivative open interest and its role in price discovery during market disruptions highlight its strategic importance. This move by Bitwise reflects broader trends of institutional adoption of crypto assets, particularly those with staking rewards and governance participation.

What we're watching

Staking Efficiency: How Bitwise's in-house staking will affect BHYP's returns compared to third-party providers.
Market Adoption: Whether the ETF can attract significant institutional investment given Hyperliquid's rapid growth and market dominance.
Regulatory Scrutiny: The pace at which regulatory frameworks will adapt to spot crypto ETFs, particularly those involving staking mechanisms.