Key Takeaways
- • Bitwise Asset Management launched the Bitwise Hyperliquid ETF (NYSE: BHYP) on May 14, 2026, positioning itself as among the first spot Hyperliquid ETPs in the U.S. and the first to offer in-house staking capabilities through its Bitwise Onchain Solutions division.
- • Hyperliquid's native token (HYPE) has achieved a market capitalization exceeding $11 billion in less than two years, ranking as the tenth-largest cryptocurrency globally, with the platform commanding approximately 60% of all onchain derivative open interest.
- • Hyperliquid processed $2.9 trillion in trading volume during 2025—a 400% year-over-year increase—and handles approximately 200,000 orders per second, establishing itself as a dominant onchain derivatives exchange built on a Layer 1 blockchain infrastructure.
- • Bitwise Asset Management operates $11 billion in client assets as of April 1, 2026, and has expanded its product suite to over 70 offerings globally across ETFs, separately managed accounts, private funds, and staking solutions since its 2017 launch.
- • The BHYP fund provides 100% direct spot exposure to the HYPE token while incorporating staking rewards, differentiating it from competing Hyperliquid products and offering institutional investors both appreciation potential and yield generation from staking participation.
Summary
Bitwise Asset Management announced the launch of the Bitwise Hyperliquid ETF (BHYP) on May 14, 2026, marking a significant expansion into onchain derivatives exposure for institutional investors. Trading under ticker BHYP on the NYSE, the product is among the first spot Hyperliquid exchange-traded products available in the U.S. market and distinguishes itself as the first to incorporate in-house staking through Bitwise's dedicated Onchain Solutions division. This structural feature enables the fund to generate staking rewards on its HYPE holdings, providing investors with both token price appreciation potential and yield generation.
Hyperliquid, the underlying asset platform, has demonstrated remarkable growth trajectory since its inception less than two years ago. The platform's native HYPE token has ascended to the tenth-largest cryptocurrency by market capitalization, valued at more than $11 billion. This rapid appreciation reflects strong institutional and retail adoption of Hyperliquid's core offering: a high-performance Layer 1 blockchain purpose-built for onchain trading and decentralized finance. The exchange generated $2.9 trillion in trading volume during 2025, representing a 400% increase from the prior year and establishing the platform as a dominant force in decentralized derivatives markets.
Hyperliquid's market dominance is evident in its 60% share of global onchain derivative open interest, coupled with its technical capacity to process approximately 200,000 orders per second. This infrastructure enables traders to access financial markets with transparency, speed, and reduced custody risk compared to traditional centralized exchanges. The BHYP fund's 100% spot exposure to HYPE provides investors with direct participation in this ecosystem without the leverage and complexity of futures-based products.
Bitwise Asset Management, managing $11 billion in client assets as of April 1, 2026, has positioned itself as a leading institutional gateway to crypto markets since launching its first crypto index fund in 2017. The BHYP launch expands its global product suite to over 70 offerings spanning ETFs, separately managed accounts, private funds, and staking solutions. The company's expansion into Hyperliquid exposure reflects institutional appetite for onchain derivatives infrastructure as a distinct asset class within the broader cryptocurrency investment landscape.
The product carries material risk disclosures consistent with crypto asset volatility. BHYP is not registered under the Investment Company Act of 1940 and therefore operates outside the regulatory protections afforded to traditional ETFs and mutual funds. Investors face exposure to significant volatility and potential complete loss of capital, and past performance does not guarantee future results.
Hyperliquid, the underlying asset platform, has demonstrated remarkable growth trajectory since its inception less than two years ago. The platform's native HYPE token has ascended to the tenth-largest cryptocurrency by market capitalization, valued at more than $11 billion. This rapid appreciation reflects strong institutional and retail adoption of Hyperliquid's core offering: a high-performance Layer 1 blockchain purpose-built for onchain trading and decentralized finance. The exchange generated $2.9 trillion in trading volume during 2025, representing a 400% increase from the prior year and establishing the platform as a dominant force in decentralized derivatives markets.
Hyperliquid's market dominance is evident in its 60% share of global onchain derivative open interest, coupled with its technical capacity to process approximately 200,000 orders per second. This infrastructure enables traders to access financial markets with transparency, speed, and reduced custody risk compared to traditional centralized exchanges. The BHYP fund's 100% spot exposure to HYPE provides investors with direct participation in this ecosystem without the leverage and complexity of futures-based products.
Bitwise Asset Management, managing $11 billion in client assets as of April 1, 2026, has positioned itself as a leading institutional gateway to crypto markets since launching its first crypto index fund in 2017. The BHYP launch expands its global product suite to over 70 offerings spanning ETFs, separately managed accounts, private funds, and staking solutions. The company's expansion into Hyperliquid exposure reflects institutional appetite for onchain derivatives infrastructure as a distinct asset class within the broader cryptocurrency investment landscape.
The product carries material risk disclosures consistent with crypto asset volatility. BHYP is not registered under the Investment Company Act of 1940 and therefore operates outside the regulatory protections afforded to traditional ETFs and mutual funds. Investors face exposure to significant volatility and potential complete loss of capital, and past performance does not guarantee future results.
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