Key Takeaways
- • Bitwise launched the Hyperliquid ETF (BHYP), a spot cryptocurrency product that achieved $30+ million in trading volume on its first day, with CEO Hunter Horsley noting approximately $12 million traded in the first 90 minutes.
- • BHYP recorded $8.81 million in inflows as of the reporting period, bringing the fund's running total to $16.56 million since launch, demonstrating institutional adoption of the Hyperliquid token through a regulated vehicle.
- • Bitwise CIO Matt Hougan characterized Hyperliquid (HYPE) as significantly undervalued, arguing the market makes "two errors" in pricing the token and that institutional investors and financial advisors are increasingly recognizing the asset's value proposition.
- • Hyperliquid has grown into the tenth-largest cryptocurrency by market capitalization at over $11 billion, processing approximately 200,000 orders per second and commanding roughly 60% of all onchain derivative open interest globally, with 2025 trading volume exceeding $2.9 trillion.
- • Bitwise allocates 10% of BHYP's management fees to purchasing and staking HYPE tokens, aligning the firm's economic interests with the asset's performance while providing in-house staking services through Bitwise Onchain Solutions.
Summary
Bitwise Asset Management launched the Bitwise Hyperliquid ETF (BHYP), a spot cryptocurrency product offering investors regulated exposure to the Hyperliquid token (HYPE). The fund represents one of the first spot Hyperliquid ETPs available in the U.S. market and distinguishes itself as the first to offer in-house staking capabilities through Bitwise Onchain Solutions. This launch capitalizes on the rapid institutional adoption of Hyperliquid, which has emerged as a dominant force in decentralized finance infrastructure.
The fund's market reception was notably strong. On its launch day, BHYP surpassed $30 million in trading volume, with CEO Hunter Horsley reporting approximately $12 million in volume within the first 90 minutes of trading. The fund subsequently recorded $8.81 million in inflows, reaching a cumulative total of $16.56 million since inception. This performance reflects institutional interest in gaining exposure to Hyperliquid through a regulated, custody-controlled vehicle rather than direct token ownership.
Bitwise's investment thesis is underpinned by CIO Matt Hougan's assessment that the market systematically undervalues Hyperliquid. Hougan argued the market makes "two errors" in pricing the token and emphasized that institutional investors and financial advisors increasingly recognize the platform's strategic importance. The firm highlighted Hyperliquid's emergence as the tenth-largest cryptocurrency globally, with market capitalization exceeding $11 billion, and its role as the dominant onchain derivatives platform, commanding approximately 60% of all global onchain derivative open interest and processing roughly 200,000 orders per second.
Bitwise's commitment extends beyond product distribution. The firm has allocated 10% of BHYP's management fees toward purchasing and staking HYPE tokens directly, creating alignment between its economic interests and the token's performance. This mechanism also highlights the firm's confidence in Hyperliquid's long-term viability and its positioning within the institutional cryptocurrency ecosystem. The launch occurs as Hyperliquid demonstrated 400% growth in trading volume during 2025, reaching $2.9 trillion, underscoring accelerating adoption in decentralized derivatives trading infrastructure.
The fund's market reception was notably strong. On its launch day, BHYP surpassed $30 million in trading volume, with CEO Hunter Horsley reporting approximately $12 million in volume within the first 90 minutes of trading. The fund subsequently recorded $8.81 million in inflows, reaching a cumulative total of $16.56 million since inception. This performance reflects institutional interest in gaining exposure to Hyperliquid through a regulated, custody-controlled vehicle rather than direct token ownership.
Bitwise's investment thesis is underpinned by CIO Matt Hougan's assessment that the market systematically undervalues Hyperliquid. Hougan argued the market makes "two errors" in pricing the token and emphasized that institutional investors and financial advisors increasingly recognize the platform's strategic importance. The firm highlighted Hyperliquid's emergence as the tenth-largest cryptocurrency globally, with market capitalization exceeding $11 billion, and its role as the dominant onchain derivatives platform, commanding approximately 60% of all global onchain derivative open interest and processing roughly 200,000 orders per second.
Bitwise's commitment extends beyond product distribution. The firm has allocated 10% of BHYP's management fees toward purchasing and staking HYPE tokens directly, creating alignment between its economic interests and the token's performance. This mechanism also highlights the firm's confidence in Hyperliquid's long-term viability and its positioning within the institutional cryptocurrency ecosystem. The launch occurs as Hyperliquid demonstrated 400% growth in trading volume during 2025, reaching $2.9 trillion, underscoring accelerating adoption in decentralized derivatives trading infrastructure.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.