Key Takeaways
- • Bitwise Asset Management launched the Bitwise Hyperliquid ETF (BHYP) on the NYSE, marking one of the first spot Hyperliquid ETPs in the U.S. and the first to offer in-house staking capabilities through Bitwise Onchain Solutions.
- • Bitwise has committed to allocating 10% of management fee revenue from BHYP to purchase and hold HYPE tokens on its balance sheet, directly aligning the asset manager's interests with fund performance.
- • The Hyperliquid platform processed $2.9 trillion in trading volume in 2025 (a 400% increase year-over-year) and commands approximately 60% of all onchain derivative open interest globally, demonstrating significant market adoption and liquidity depth.
- • Bitwise manages $11 billion in client assets as of April 1, 2026, positioning the firm as a meaningful institutional player in the cryptocurrency asset management space with infrastructure for staking and direct token custody.
- • The BHYP ETF offers direct spot exposure to HYPE with integrated staking, differentiating it from European HYPE ETF products that charge approximately 2.5% in management fees.
Summary
Bitwise Asset Management has launched the Bitwise Hyperliquid ETF (BHYP) on the NYSE, establishing one of the first spot Hyperliquid ETPs available to U.S. investors and the first to incorporate in-house staking functionality. The fund provides direct spot exposure to HYPE tokens with staking managed through Bitwise Onchain Solutions, the company's dedicated staking division. This launch represents a significant distribution milestone for Hyperliquid, a Layer 1 blockchain optimized for onchain trading and decentralized finance that has demonstrated substantial market adoption.
Hyperliquid's operational metrics underpin the investment case. The platform generated $2.9 trillion in trading volume during 2025, representing a 400% increase from the prior year. The network currently commands approximately 60% of all onchain derivative open interest globally and processes approximately 200,000 orders per second, establishing it as a dominant venue for decentralized trading infrastructure. Matt Hougan, Chief Investment Officer of Bitwise, highlighted the platform's significance during periods of market stress, noting that when geopolitical tensions disrupted traditional markets in February 2026, participants turned to Hyperliquid for price discovery.
In a commitment that aligns Bitwise's interests with fund shareholders, the company announced it will allocate 10% of management fee revenue from BHYP to purchase and hold HYPE tokens on its corporate balance sheet. This approach demonstrates confidence in the underlying asset while creating a direct incentive for fund performance, as Bitwise's treasury accumulates HYPE holdings proportionally to assets under management growth.
Bitwise's $11 billion in client assets (as of April 1, 2026) provides scale and infrastructure for the BHYP launch. The fund's integrated staking offering and direct custody structure differentiate it from European HYPE products, which typically charge around 2.5% in management fees. The SEC granted accelerated approval for the product's conversion to an ETF trading on NYSE Arca, facilitating rapid market entry.
Investors should note that BHYP, like all cryptocurrency products, carries substantial risk. The fund is not registered under the Investment Company Act of 1940 and therefore does not receive the same regulatory protections as traditional ETFs. Investors face exposure to high volatility and potential total loss of capital.
Hyperliquid's operational metrics underpin the investment case. The platform generated $2.9 trillion in trading volume during 2025, representing a 400% increase from the prior year. The network currently commands approximately 60% of all onchain derivative open interest globally and processes approximately 200,000 orders per second, establishing it as a dominant venue for decentralized trading infrastructure. Matt Hougan, Chief Investment Officer of Bitwise, highlighted the platform's significance during periods of market stress, noting that when geopolitical tensions disrupted traditional markets in February 2026, participants turned to Hyperliquid for price discovery.
In a commitment that aligns Bitwise's interests with fund shareholders, the company announced it will allocate 10% of management fee revenue from BHYP to purchase and hold HYPE tokens on its corporate balance sheet. This approach demonstrates confidence in the underlying asset while creating a direct incentive for fund performance, as Bitwise's treasury accumulates HYPE holdings proportionally to assets under management growth.
Bitwise's $11 billion in client assets (as of April 1, 2026) provides scale and infrastructure for the BHYP launch. The fund's integrated staking offering and direct custody structure differentiate it from European HYPE products, which typically charge around 2.5% in management fees. The SEC granted accelerated approval for the product's conversion to an ETF trading on NYSE Arca, facilitating rapid market entry.
Investors should note that BHYP, like all cryptocurrency products, carries substantial risk. The fund is not registered under the Investment Company Act of 1940 and therefore does not receive the same regulatory protections as traditional ETFs. Investors face exposure to high volatility and potential total loss of capital.
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