Key Takeaways
- • Bitwise Asset Management launched the Bitwise Hyperliquid ETF (NYSE: BHYP) on May 15, 2026, positioning itself as among the first spot Hyperliquid ETPs in the U.S. and the first to offer in-house staking rewards through Bitwise Onchain Solutions.
- • HYPE token surged 13.79% in the 24 hours preceding the ETF launch, trading at $44.49, reflecting growing institutional interest as the token has climbed to the tenth-largest crypto asset globally with a market capitalization exceeding $11 billion in less than two years.
- • The Hyperliquid ETF attracted $1.8 million in inflows on its first day of trading, demonstrating early institutional demand for regulated spot exposure to the underlying token.
- • Bitwise Asset Management manages $11 billion in client assets as of April 1, 2026, leveraging this scale to bring regulated access to Hyperliquid, a Layer 1 blockchain that processed $2.9 trillion in trading volume during 2025 and commands approximately 60% of global onchain derivative open interest.
- • The ETF carries a 0.67% management fee and includes explicit risk disclosures noting high volatility potential, significant loss risk, and that BHYP is not registered under the Investment Company Act of 1940, distinguishing it from traditional mutual funds and ETFs.
Summary
Bitwise Asset Management announced the launch of the Bitwise Hyperliquid ETF (BHYP) on the New York Stock Exchange on May 15, 2026, marking a significant milestone in institutional access to the Hyperliquid ecosystem. The fund represents one of the first spot Hyperliquid exchange-traded products available in the U.S. market and distinguishes itself as the first offering in-house staking rewards, with Bitwise leveraging its dedicated Bitwise Onchain Solutions division to stake HYPE token holdings on behalf of fund shareholders.
Hyperliquid has achieved remarkable growth since inception, with its native HYPE token becoming the tenth-largest cryptocurrency by market capitalization, valued at over $11 billion. The underlying blockchain platform experienced explosive growth in 2025, processing $2.9 trillion in trading volume—a 400% increase year-over-year—while commanding approximately 60% of all onchain derivative open interest globally. The protocol demonstrates substantial throughput capacity, executing approximately 200,000 orders per second, positioning it as a high-performance Layer 1 blockchain specifically optimized for decentralized finance and onchain derivatives trading.
Market momentum preceded the ETF launch, with HYPE trading up 13.79% over the 24 hours immediately before May 15, closing at $44.49. First-day ETF inflows reached $1.8 million, indicating early institutional adoption despite the crypto asset class's inherent volatility. The ETF carries a 0.67% management fee, a competitive rate reflecting typical institutional product pricing in the digital asset space.
The fund is structured as an exchange-traded product not registered under the Investment Company Act of 1940, meaning it lacks certain statutory protections afforded to traditional mutual funds and ETFs. Bitwise's offering capitalizes on the firm's $11 billion in client assets under management as of April 1, 2026, providing institutional-grade custody, regulatory compliance, and staking infrastructure to investors seeking regulated exposure to Hyperliquid's ecosystem. The launch reflects broader institutional adoption trends in cryptocurrency, where regulated spot ETFs have become primary vehicles for professional capital allocation.
Hyperliquid has achieved remarkable growth since inception, with its native HYPE token becoming the tenth-largest cryptocurrency by market capitalization, valued at over $11 billion. The underlying blockchain platform experienced explosive growth in 2025, processing $2.9 trillion in trading volume—a 400% increase year-over-year—while commanding approximately 60% of all onchain derivative open interest globally. The protocol demonstrates substantial throughput capacity, executing approximately 200,000 orders per second, positioning it as a high-performance Layer 1 blockchain specifically optimized for decentralized finance and onchain derivatives trading.
Market momentum preceded the ETF launch, with HYPE trading up 13.79% over the 24 hours immediately before May 15, closing at $44.49. First-day ETF inflows reached $1.8 million, indicating early institutional adoption despite the crypto asset class's inherent volatility. The ETF carries a 0.67% management fee, a competitive rate reflecting typical institutional product pricing in the digital asset space.
The fund is structured as an exchange-traded product not registered under the Investment Company Act of 1940, meaning it lacks certain statutory protections afforded to traditional mutual funds and ETFs. Bitwise's offering capitalizes on the firm's $11 billion in client assets under management as of April 1, 2026, providing institutional-grade custody, regulatory compliance, and staking infrastructure to investors seeking regulated exposure to Hyperliquid's ecosystem. The launch reflects broader institutional adoption trends in cryptocurrency, where regulated spot ETFs have become primary vehicles for professional capital allocation.
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.