Bitwise Lists BHYP Fund Offering Hyperliquid Exposure and Staking

Bitwise Launches BHYP on NYSE – US Investors Gain Regulated Access to Hyperliquid With Staking Rewards

Key Takeaways

• Bitwise Asset Management has launched the BHYP fund on the New York Stock Exchange, offering spot exposure to Hyperliquid’s HYPE token.
• The fund plans to stake a significant portion of its HYPE holdings through Bitwise’s in-house staking division.
• HYPE was trading at about $44 with a market capitalization of roughly $11.22 billion, ranking as the 10th-largest cryptocurrency by market value.
• Hyperliquid processed about $2.9 trillion in trading volume in 2025 and accounted for around 60% of global onchain derivatives open interest as of May 5, according to DefiLlama data cited by Bitwise.
• The fund charges a 0.34% sponsor fee, waived for the first month on the first $500 million in assets.

BHYP Provides Spot Exposure to Hyperliquid’s HYPE Token

Bitwise Asset Management has introduced a new US-listed investment product tied to Hyperliquid, a decentralized trading-focused layer 1 blockchain. The fund trades under the ticker BHYP on the New York Stock Exchange and offers investors direct spot exposure to the HYPE token.

According to Bitwise, BHYP is the second US-listed Hyperliquid product to launch this week. The fund is structured to hold HYPE tokens directly rather than providing synthetic or derivative-based exposure. This means that the fund’s performance is linked to the market price of HYPE.

In addition to holding the token, the fund plans to stake a significant portion of its HYPE holdings. Staking will be carried out through Bitwise’s in-house staking division. HYPE is used within the Hyperliquid ecosystem for staking, governance, and broader participation in the network.

For investors who prefer accessing digital assets through traditional financial infrastructure, a US-listed vehicle such as BHYP offers exposure without the need to directly manage private keys or interact with decentralized platforms.

Hyperliquid’s Market Position in Onchain Derivatives

Hyperliquid launched in 2023 as a decentralized, trading-focused blockchain. The platform offers perpetual futures, spot trading, and lending services.

Bitwise stated that Hyperliquid processed approximately $2.9 trillion in trading volume in 2025. As of May 5, the platform accounted for roughly 60% of global onchain derivatives open interest, citing data from DefiLlama. These figures position Hyperliquid as a major participant in decentralized derivatives markets.

At the time referenced, HYPE was trading at around $44 per token. The cryptocurrency had a market capitalization of approximately $11.22 billion, making it the 10th-largest cryptocurrency by market value, according to CoinMarketCap data.

For users of crypto trading and betting platforms, derivatives liquidity and open interest are key indicators of market depth and activity. A high level of onchain derivatives open interest can signal concentrated activity on a specific protocol, which may influence liquidity conditions across related ecosystems.

Fee Structure and Asset Base of Bitwise

Bitwise manages about $11 billion in client assets across a range of crypto investment products. These include exchange-traded funds, private funds, and staking strategies.

The BHYP fund carries a sponsor fee of 0.34%. Bitwise said this fee will be waived for the first month on the fund’s first $500 million in assets. Fee levels are a relevant factor for investors comparing listed crypto products, as they directly affect net returns over time.

By combining spot exposure with staking rewards, BHYP integrates two elements of the HYPE token’s utility into a single listed vehicle. Staking rewards, if generated, would be linked to the portion of tokens actively staked through Bitwise’s internal division.

Growing Institutional Activity Around Hyperliquid

The launch of BHYP comes amid increasing institutional engagement with Hyperliquid and HYPE-linked investment products.

Earlier in the same week, 21Shares launched its THYP Hyperliquid fund in the United States. According to Bloomberg ETF analyst James Seyffart, the product recorded about $1.2 million in net inflows and $1.8 million in trading volume on its first trading day.

Grayscale Investments is also awaiting a decision on its proposed Hyperliquid fund, indicating additional potential entrants in the segment.

Onchain analytics account Lookonchain reported that wallets linked to venture capital firm Andreessen Horowitz accumulated approximately $67 million worth of HYPE over the previous month. Of that amount, roughly $51 million worth of the token was staked, according to the same source.

In a separate development, Coinbase announced that it would become the official treasury deployer for USDC on Hyperliquid. Since the network launched in 2023, USDC supply on Hyperliquid has grown to around $5 billion, based on DefiLlama data.

At the same time, centralized crypto companies have been expanding their presence in perpetual futures and offshore derivatives markets. Earlier this year, Coinbase launched stock perpetual futures for eligible non-US users, while Kraken rolled out tokenized equity perpetual futures tied to assets including Nvidia, Apple, and Tesla for offshore clients.

These developments highlight a broader convergence between decentralized derivatives platforms and centralized service providers, particularly in the area of perpetual futures trading.

Our Assessment

The listing of BHYP on the New York Stock Exchange adds another regulated access point for exposure to Hyperliquid’s HYPE token in the United States. The fund combines direct spot holdings with staking through Bitwise’s internal infrastructure and enters a market where other asset managers have recently introduced or proposed similar products. The launch takes place against the backdrop of high reported trading volumes on Hyperliquid and growing institutional involvement in HYPE-related assets and onchain derivatives activity.