Key Takeaways
- • Bitwise Hyperliquid ETF (BHYP) launched May 14, 2026, providing direct exposure to the HYPE token while enabling investors to capture staking rewards—positioning it as the first U.S. spot Hyperliquid ETP with in-house staking capability.
- • BHYP trades at $34.68 with a market cap of $120.82M as of June 23, 2026, having traded within a 52-week range of $24.18–$43.03, with recent session volume of 515.27K shares versus its 707.45K average.
- • The underlying Hyperliquid (HYPE) token ranks as the tenth-largest crypto asset globally with a market cap exceeding $11 billion, indicating substantial institutional interest in the underlying protocol.
- • BHYP is a passively managed ETP tracking the CF Hypecoin-Dollar Spot Rate TR USD index, designed to provide both price exposure and incremental yield generation through protocol staking mechanisms managed by Bitwise.
Summary
Bitwise Investments launched the Bitwise Hyperliquid ETF (BHYP) on May 14, 2026, introducing a passively managed exchange-traded product that grants institutional and retail investors direct exposure to Hyperliquid's native HYPE token while simultaneously generating additional yield through staking rewards. The product tracks the CF Hypecoin-Dollar Spot Rate TR USD index and distinguishes itself as among the first U.S. spot Hyperliquid ETPs and notably the first to offer integrated, in-house staking functionality—a structural advantage that allows investors to benefit from protocol yield without custodial complications.
As of mid-June 2026, BHYP commanded a market capitalization of $120.82 million and traded at $34.68 per share. The ETF exhibited moderate trading liquidity with session volumes near 515,000 shares against a 707,450-share average, while price action reflected a 52-week trading range between $24.18 and $43.03. Within its first five weeks of operation, the product demonstrated the typical volatility profile associated with emerging digital asset ETPs.
The launch arrives as Hyperliquid's native token has ascended to the tenth-largest cryptocurrency by market capitalization, with an aggregate valuation exceeding $11 billion. This significant market position underscores institutional demand for regulated exposure to the Hyperliquid ecosystem. BHYP's passive management structure and staking mechanism are designed to appeal to institutional investors and family offices seeking systematic cryptocurrency allocation alongside yield enhancement—a critical feature for dedicated crypto portfolios competing against alternative deployments of capital.
As of mid-June 2026, BHYP commanded a market capitalization of $120.82 million and traded at $34.68 per share. The ETF exhibited moderate trading liquidity with session volumes near 515,000 shares against a 707,450-share average, while price action reflected a 52-week trading range between $24.18 and $43.03. Within its first five weeks of operation, the product demonstrated the typical volatility profile associated with emerging digital asset ETPs.
The launch arrives as Hyperliquid's native token has ascended to the tenth-largest cryptocurrency by market capitalization, with an aggregate valuation exceeding $11 billion. This significant market position underscores institutional demand for regulated exposure to the Hyperliquid ecosystem. BHYP's passive management structure and staking mechanism are designed to appeal to institutional investors and family offices seeking systematic cryptocurrency allocation alongside yield enhancement—a critical feature for dedicated crypto portfolios competing against alternative deployments of capital.
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