Key Takeaways
- • Bitwise Asset Management launched the Bitwise Hyperliquid ETF (ticker: BHYP) on the NYSE on May 15, 2026, marking the first spot Hyperliquid ETP in the U.S. to offer in-house staking capabilities through Bitwise Onchain Solutions.
- • BHYP provides institutional and retail investors direct exposure to HYPE, the native token of Hyperliquid—a Layer 1 blockchain for decentralized derivatives trading that commands approximately 60% of all onchain derivative open interest globally.
- • Hyperliquid's HYPE token has achieved top-10 status among cryptocurrencies with a market cap exceeding $11 billion, reflecting 400% year-over-year growth in platform trading volume ($2.9 trillion in 2025) and processing approximately 200,000 orders per second.
- • The ETF launch coincided with a 20% intraday rally in HYPE and generated $1.8 million in day-one trading volume, signaling institutional demand for regulated crypto derivatives exposure.
- • Bitwise Asset Management manages $11 billion in client assets as of April 1, 2026, and is simultaneously liquidating underperforming legacy products (BTOP and BWEB ETFs) with cash redemptions scheduled for May 29.
Summary
Bitwise Asset Management launched the Bitwise Hyperliquid ETF (BHYP) on May 15, 2026, expanding its crypto product lineup with a spot Hyperliquid offering that differentiates itself through integrated staking infrastructure. The fund began trading on the NYSE and represents one of the first spot Hyperliquid exchange-traded products available in the U.S. market. Bitwise's in-house staking division, Bitwise Onchain Solutions, will manage the Fund's HYPE holdings to generate staking yields for shareholders—a structural advantage over competing Hyperliquid ETF filings from firms like Grayscale that lack equivalent staking capabilities.
Hyperliquid has emerged as a dominant force in onchain derivatives infrastructure. The Layer 1 blockchain platform generated $2.9 trillion in trading volume during 2025, an increase exceeding 400% from the prior year, and maintains approximately 60% of all onchain derivative open interest globally. The platform's native token, HYPE, has achieved tenth-largest cryptocurrency status with a market cap surpassing $11 billion—a remarkable valuation achieved in less than two years since token inception. Hyperliquid's technical architecture processes approximately 200,000 orders per second, positioning it as a high-throughput alternative to traditional centralized derivatives exchanges while maintaining decentralized custody and settlement.
Market reception to the BHYP launch proved immediate and positive. The token rallied more than 20% in the 24 hours preceding the ETF's debut, with day-one trading volume reaching $1.8 million. This activity reflects growing institutional appetite for regulated crypto derivatives exposure during a pro-crypto regulatory environment. The SEC approval of spot Bitcoin ETFs in January 2024 established a precedent for cryptocurrency spot products, enabling Bitwise's rapid progression from filing to launch for BHYP.
Risk disclosures accompanying the launch remain material. BHYP is not registered under the Investment Company Act of 1940 and therefore operates outside the regulatory framework governing traditional ETFs and mutual funds. Bitwise cautioned that investments in BHYP carry high volatility risk and potential for complete capital loss, distinguishing the product from direct token purchases by introducing fund structure, regulatory oversight, and professional custody.
Concurrently, Bitwise announced the liquidation of two legacy ETF products—BTOP and BWEB—with shareholders receiving cash redemptions by May 29, 2026. This portfolio rebalancing reflects Bitwise's strategic pivot toward high-growth crypto infrastructure assets (Hyperliquid) and away from traditional web and broad-based crypto exposure vehicles.
Hyperliquid has emerged as a dominant force in onchain derivatives infrastructure. The Layer 1 blockchain platform generated $2.9 trillion in trading volume during 2025, an increase exceeding 400% from the prior year, and maintains approximately 60% of all onchain derivative open interest globally. The platform's native token, HYPE, has achieved tenth-largest cryptocurrency status with a market cap surpassing $11 billion—a remarkable valuation achieved in less than two years since token inception. Hyperliquid's technical architecture processes approximately 200,000 orders per second, positioning it as a high-throughput alternative to traditional centralized derivatives exchanges while maintaining decentralized custody and settlement.
Market reception to the BHYP launch proved immediate and positive. The token rallied more than 20% in the 24 hours preceding the ETF's debut, with day-one trading volume reaching $1.8 million. This activity reflects growing institutional appetite for regulated crypto derivatives exposure during a pro-crypto regulatory environment. The SEC approval of spot Bitcoin ETFs in January 2024 established a precedent for cryptocurrency spot products, enabling Bitwise's rapid progression from filing to launch for BHYP.
Risk disclosures accompanying the launch remain material. BHYP is not registered under the Investment Company Act of 1940 and therefore operates outside the regulatory framework governing traditional ETFs and mutual funds. Bitwise cautioned that investments in BHYP carry high volatility risk and potential for complete capital loss, distinguishing the product from direct token purchases by introducing fund structure, regulatory oversight, and professional custody.
Concurrently, Bitwise announced the liquidation of two legacy ETF products—BTOP and BWEB—with shareholders receiving cash redemptions by May 29, 2026. This portfolio rebalancing reflects Bitwise's strategic pivot toward high-growth crypto infrastructure assets (Hyperliquid) and away from traditional web and broad-based crypto exposure vehicles.
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