Asset manager Bitwise is preparing to launch an exchange-traded fund (ETF) that will track Hyperliquid’s native HYPE token.
The ETF will begin trading on May 15 under the ticker BHYP on the New York Stock Exchange (NYSE).
Capitalizing on Hyperliquid’s Growth and Market Position
Bitwise announced that BHYP is the first HYPE ETF to use the firm’s in-house staking infrastructure, and said the product was designed to offer investors a convenient, low-cost way to gain exposure to Hyperliquid’s growth. The launch drew attention across the sector, with industry figures noting Bitwise’s aggressive push into tokenized market access.
Data from DeFi Llama indicates Hyperliquid accounts for roughly 60% of global on-chain perpetual DEX open interest. The network can process as many as 200,000 orders per second while maintaining a strong reliability record. Bitwise views these characteristics as clear advantages, arguing the platform is well positioned to benefit as capital markets increasingly migrate on-chain.
Matt Hougan, Chief Investment Officer at Bitwise, pointed out that the chain demonstrated its relevance during a period of geopolitical disruption earlier this year, when traditional markets were closed and traders relied on on-chain venues for price discovery.
“Hyperliquid has emerged as one of the most compelling investment opportunities in crypto today,” Hougan said.
Since launching two years ago, HYPE has grown to rank among the largest crypto assets, reaching a market capitalization above $11 billion.
“Hyperliquid’s token is explicitly designed so that rising trading activity on the Hyperliquid platform directly benefits token holders. This has translated into historically strong returns,” Hougan added.
Fund Fees and Structure
The fund’s prospectus shows BHYP carries a 0.34% sponsor fee. Bitwise said it will waive that fee for the first month on the initial $500 million in assets. The company also clarified that the product has not been registered as an investment company, and therefore does not offer the same regulatory protections that govern traditional ETFs and mutual funds.
Earlier in the week, issuer 21Shares launched a similar product tracking HYPE, labeled THYP, which recorded about $1.8 million in trading volume on its first day—volume an analyst described as modest. Since then, THYP has accumulated $7.42 million in net inflows, with nearly $5 million of that amount reported in a single day according to market-flow data.