Bitwise Lists NYSE BHYP for HYPE Exposure, Staking

Bitwise launched BHYP on the New York Stock Exchange this week. The fund provides U.S. investors direct, spot exposure to Hyperliquid’s native token HYPE and offers staking rewards. Bitwise plans to stake a large portion of the fund’s HYPE holdings through its in-house staking division.

BHYP trades under the ticker BHYP and carries a 0.34% sponsor fee, which will be waived for the first month on the fund’s initial $500 million in assets. Bitwise manages about $11 billion in client assets across exchange-traded funds, private funds and staking strategies.

Hyperliquid launched in 2023 as a trading-focused layer-1 blockchain supporting perpetual futures, spot trading and lending. On-chain data from DeFiLlama shows the network processed about $2.9 trillion in trading volume in 2025 and accounted for roughly 60% of global on-chain derivatives open interest as of May 5. HYPE is used for staking, governance and ecosystem participation.

HYPE traded near $44 and had an estimated market capitalization of about $11.2 billion, placing it among the largest cryptocurrencies by market value.

BHYP is the second U.S.-listed fund tied to Hyperliquid to appear this week. Another issuer launched a Hyperliquid fund earlier and recorded roughly $1.2 million in net inflows and about $1.8 million in trading volume on its first day. Grayscale is awaiting regulatory approval for a proposed Hyperliquid fund.

On-chain activity shows wallets linked to the venture capital firm Andreessen Horowitz accumulated about $67 million in HYPE and staked roughly $51 million over the previous month. Coinbase will serve as the official treasury deployer for USDC on Hyperliquid, where stablecoin supply has grown to about $5 billion since the network launched.

Institutional interest in on-chain derivatives has coincided with wider industry moves into perpetual futures and tokenized equity products. Earlier this year, Coinbase launched stock perpetual futures for eligible non-U.S. users and Kraken introduced tokenized equity perpetual futures tied to companies including Nvidia, Apple and Tesla for offshore clients.

The BHYP fund structure provides investors direct ownership of HYPE rather than exposure through derivatives or synthetic products. Staking rewards for shareholders will come from on-chain protocol mechanisms and Bitwise’s internal staking operations.