Key Takeaways
- • Bitwise launched the Bitwise Hyperliquid ETF (BHYP), among the first spot Hyperliquid ETPs in the U.S. and the first to offer in-house staking through Bitwise Onchain Solutions, with a unitary management fee of 0.67% annually paid in HYPE tokens.
- • The fund pledges to donate 10% of profits from the Bitwise Bitcoin ETF (BITB) to three non-profit organizations funding Bitcoin open-source development, though the specific buyback mechanism for the HYPE fund requires clarification from available sources.
- • BHYP includes approximately 85% of staking rewards retained after fees, positioning the product as a yield-generating vehicle in addition to spot token exposure.
- • The 0.67% annual fee significantly exceeds Bitwise's Bitcoin ETF (BITB) at 0.20%, though remains competitive with European HYPE ETF offerings charging around 2.5%; Bitwise waived sponsor fees for the first month on the first $500 million in assets.
- • Hyperliquid (HYPE) token has appreciated 200% over the past year, driven by the platform's fee buyback mechanism and record perpetual futures volume, with Hyperliquid processing $2.9 trillion in trading volume in 2025—a 400% increase year-over-year—and commanding approximately 60% of all onchain derivative open interest globally.
Summary
Bitwise Asset Management, managing $11 billion in client assets as of April 1, 2026, announced the launch of the Bitwise Hyperliquid ETF (NYSE: BHYP), positioning the product among the first spot Hyperliquid exchange-traded products in the United States. The fund is distinguished by its in-house staking capability, with Bitwise intending to stake HYPE holdings through its subsidiary Bitwise Onchain Solutions. This marks a structural differentiation from competing HYPE ETF filings from other asset managers including 21Shares.
The fund carries a unitary management fee of 0.67% annually, calculated daily on the trust's holdings and paid in HYPE tokens. This fee structure reflects a premium relative to Bitwise's flagship Bitcoin ETF (BITB) at 0.20%, though remains substantially lower than European HYPE products charging approximately 2.5%. Bitwise implemented a promotional waiver of sponsor fees for the first month on initial assets up to $500 million. The staking component retains approximately 85% of staking rewards after fees, providing yield generation beyond spot token price appreciation.
Hyperliquid has emerged as a dominant onchain derivatives platform. The Layer 1 blockchain saw trading volume reach $2.9 trillion in 2025, representing a 400% increase from the prior year, and currently commands approximately 60% of all onchain derivative open interest globally while processing approximately 200,000 orders per second. The HYPE token has appreciated 200% over the past twelve months, substantially driven by the protocol's fee buyback mechanism and elevated perpetual futures trading activity.
Regarding the specific structure pledging 10% of fees to buybacks: available sources confirm that Bitwise committed 10% of profits from its Bitcoin ETF (BITB) to three non-profit organizations funding Bitcoin open-source development. However, the identical mechanism's application to the HYPE fund requires clarification from primary prospectus filings not fully available in current source material.
The product carries elevated risk disclosure. BHYP is structured as an exchange-traded product rather than a registered investment company under the Investment Company Act of 1940, resulting in reduced regulatory protections comparable to traditional mutual funds. Investors face potential for significant volatility and complete loss of principal.
The fund carries a unitary management fee of 0.67% annually, calculated daily on the trust's holdings and paid in HYPE tokens. This fee structure reflects a premium relative to Bitwise's flagship Bitcoin ETF (BITB) at 0.20%, though remains substantially lower than European HYPE products charging approximately 2.5%. Bitwise implemented a promotional waiver of sponsor fees for the first month on initial assets up to $500 million. The staking component retains approximately 85% of staking rewards after fees, providing yield generation beyond spot token price appreciation.
Hyperliquid has emerged as a dominant onchain derivatives platform. The Layer 1 blockchain saw trading volume reach $2.9 trillion in 2025, representing a 400% increase from the prior year, and currently commands approximately 60% of all onchain derivative open interest globally while processing approximately 200,000 orders per second. The HYPE token has appreciated 200% over the past twelve months, substantially driven by the protocol's fee buyback mechanism and elevated perpetual futures trading activity.
Regarding the specific structure pledging 10% of fees to buybacks: available sources confirm that Bitwise committed 10% of profits from its Bitcoin ETF (BITB) to three non-profit organizations funding Bitcoin open-source development. However, the identical mechanism's application to the HYPE fund requires clarification from primary prospectus filings not fully available in current source material.
The product carries elevated risk disclosure. BHYP is structured as an exchange-traded product rather than a registered investment company under the Investment Company Act of 1940, resulting in reduced regulatory protections comparable to traditional mutual funds. Investors face potential for significant volatility and complete loss of principal.
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