Bitwise will launch its Hyperliquid ETF on Friday, offering investors direct exposure to spot HYPE under the ticker BHYP on NYSE Arca. The fund is the first to use Bitwise's in-house staking infrastructure instead of a third-party provider.
The fund charges a 0.34% sponsor fee, waived for one month on the first $500 million in assets. Its primary objective is tracking HYPE's value, with a secondary goal of generating additional HYPE through staking.
Hyperliquid commands about 60% of global onchain perpetual DEX open interest and processes 200,000 orders per second.
The launch follows 21Shares' Hyperliquid ETF debut earlier this week, which has seen $4.47 million in trading volume and $2.52 million in net inflows.
Separately, Coinbase announced it will become the official treasury deployer of USDC on Hyperliquid as an Aligned Quote Asset, deepening the stablecoin's role on the platform.
HYPE rose more than 15% on the news, trading near $43.80 at press time.