Key Takeaways
- • Bitwise launched the Bitwise Hyperliquid Staking ETP (ticker BHYP; ISIN DE000A4ARTJ5) on Deutsche Börse Xetra on April 9, 2026, providing institutional investors with regulated exchange-traded exposure to HYPE, the native token of the Hyperliquid blockchain derivatives platform.
- • The product charges a 0.85% total expense ratio with a target net staking reward of 1% annually, positioning it competitively against CoinShares' zero-fee Hyperliquid ETP (launched February 24, 2026) that offers 0.5% yield, creating direct product competition on the same exchange.
- • BHYP represents Bitwise's seventh institutional-grade staking ETP in Europe and is fully backed by HYPE tokens held in cold storage, with staking rewards accruing daily and reflected in unit entitlements; Bitwise retains 33% of staking rewards to cover operational infrastructure costs.
- • The ETP tracks the Kaiko HYPE Reference Rate LDNLF index and eliminates barriers for traditional investors by eliminating the need for cryptocurrency wallets, private key management, or on-chain staking participation, streamlining access through standard brokerage accounts.
- • Hyperliquid operates as a blockchain-based derivatives trading platform featuring a fully on-chain order book and execution system for perpetual futures, combining traditional exchange speed and user experience with blockchain transparency and verifiability.
Summary
Bitwise has launched the Hyperliquid Staking ETP on Deutsche Börse Xetra, marking the firm's seventh institutional-grade staking ETP in Europe and signaling accelerating mainstream adoption of yield-bearing cryptocurrency products. The product, which commenced trading on April 9, 2026, provides exchange-traded exposure to HYPE, the native token of Hyperliquid, a blockchain-based derivatives platform designed to offer on-chain transparency alongside traditional exchange functionality. The ETP is structured to capture both price appreciation and staking-related returns, allowing institutional and traditional investors to gain HYPE exposure without managing cryptocurrency wallets or executing on-chain staking operations directly.
The product carries a 0.85% total expense ratio with a target net staking reward of 1% annually. BHYP is fully physically backed by HYPE tokens maintained in cold storage and tracks the Kaiko HYPE Reference Rate LDNLF index. Staking rewards accrue daily and are reflected in each unit's cryptocurrency entitlement, with Bitwise retaining 33% of gross staking rewards to cover the operational costs of maintaining staking infrastructure. The company has flagged that staking rates may vary based on network conditions and are not guaranteed.
The launch occurs within six weeks of CoinShares' competing Hyperliquid Staking ETP on the same Xetra exchange, demonstrating that market participants now view HYPE as a repeatable ETP theme rather than a niche protocol exposure. CoinShares' product carries zero management fees and targets 0.5% annual yield while being similarly physically backed by HYPE. Bitwise's higher fee structure is offset by a higher target staking yield, presenting allocators with competing cost-benefit profiles that will be evaluated alongside issuer preference, product structure, and counterparty considerations.
Hyperliquid itself operates as a blockchain-based trading venue enabling derivatives trading, particularly perpetual futures, with a fully on-chain order book and execution system. The platform combines the speed and user experience of traditional centralized exchanges with the transparent, verifiable infrastructure of blockchain rails. Over the past year, Hyperliquid has accumulated meaningful trading volumes and user activity, reflecting broader institutional demand for transparent alternatives to purely centralized trading venues.
The product carries a 0.85% total expense ratio with a target net staking reward of 1% annually. BHYP is fully physically backed by HYPE tokens maintained in cold storage and tracks the Kaiko HYPE Reference Rate LDNLF index. Staking rewards accrue daily and are reflected in each unit's cryptocurrency entitlement, with Bitwise retaining 33% of gross staking rewards to cover the operational costs of maintaining staking infrastructure. The company has flagged that staking rates may vary based on network conditions and are not guaranteed.
The launch occurs within six weeks of CoinShares' competing Hyperliquid Staking ETP on the same Xetra exchange, demonstrating that market participants now view HYPE as a repeatable ETP theme rather than a niche protocol exposure. CoinShares' product carries zero management fees and targets 0.5% annual yield while being similarly physically backed by HYPE. Bitwise's higher fee structure is offset by a higher target staking yield, presenting allocators with competing cost-benefit profiles that will be evaluated alongside issuer preference, product structure, and counterparty considerations.
Hyperliquid itself operates as a blockchain-based trading venue enabling derivatives trading, particularly perpetual futures, with a fully on-chain order book and execution system. The platform combines the speed and user experience of traditional centralized exchanges with the transparent, verifiable infrastructure of blockchain rails. Over the past year, Hyperliquid has accumulated meaningful trading volumes and user activity, reflecting broader institutional demand for transparent alternatives to purely centralized trading venues.
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