Bitwise Debuts First U.S. Staking ETF for Hyperliquid (HYPE)

Bitwise launches BHYP, the first U.S. ETF to offer HYPE staking rewards. Hyperliquid now controls 60% of on-chain derivatives open interest.

The fund, which began trading on May 15, provides investors with direct exposure to the HYPE token and stands as the first American ETF to feature its own native staking structure.

Hyperliquid Officially Enters Wall Street

The new fund trades under the ticker BHYP with a management fee of 0.34%. To attract early liquidity, Bitwise is temporarily waiving fees during the first month for the initial $500 million in assets.

The most significant feature of this product is its integrated staking model. Operating through its Bitwise Onchain Solutions division, the company will stake HYPE tokens and return the generated rewards directly to the fund’s net asset value (NAV).

This mechanism makes BHYP the first U.S. ETF to offer internal staking participation—a model that, until recently, was primarily accessible within the crypto ecosystem.

Bitwise was also the first company to file for such a fund back in September 2025, though competition in the sector has since intensified. 21Shares launched its own THYP ETF on Nasdaq earlier this week, which saw approximately $1.8 million in volume on its first day. Grayscale is also preparing its own Hyperliquid ETF but has delayed the staking component for now due to regulatory uncertainty—a factor giving Bitwise a temporary edge.

Institutional Interest in Hyperliquid Surges

The growing demand for Hyperliquid follows the platform’s explosive growth over the past year. According to Bitwise, Hyperliquid has evolved into a “global price discovery platform” for on-chain derivatives.

In 2025, the platform processed approximately $2.9 trillion in trading volume and currently controls roughly 60% of the global open interest in on-chain derivatives.

The HYPE token has also shown strong performance. Following the ETF launch announcement, its price surged by over 13% to approximately $44.50. Its market capitalization now exceeds $11 billion, securing its position among the top ten largest crypto assets in the world.

Investors view BHYP as a new bridge between institutional capital and the rapidly expanding Hyperliquid ecosystem, which now offers perpetual derivatives, spot trading, and its own Ethereum-compatible layer via HyperEVM.

Despite the enthusiasm surrounding the product, significant risks remain. The fund is not registered under the Investment Company Act of 1940, meaning investors do not receive the same protections found in traditional mutual funds.

Furthermore, the staking model introduces “slashing” risk—the possibility that a portion of the staked assets could be lost due to technical or network issues.

Nevertheless, the debut of BHYP highlights how quickly traditional financial markets are beginning to embrace crypto infrastructure as a new class of institutional assets.