Bitwise Asset Management has launched a US-listed investment product tied to Hyperliquid, offering investors spot exposure to the token and staking rewards linked to the decentralized derivatives platform.
The fund, trading under the ticker BHYP on the New York Stock Exchange, is the second US-listed Hyperliquid product to launch this week. Bitwise said the fund plans to stake a significant portion of its HYPE holdings through its in-house staking division.
Hyperliquid is a decentralized trading-focused layer 1 blockchain launched in 2023 that offers perpetual futures, spot trading and lending services. Bitwise said the platform processed about $2.9 trillion in trading volume in 2025 and accounted for roughly 60% of global onchain derivatives open interest as of May 5, citing DefiLlama data.
HYPE was trading at around $44 on Friday with a market capitalization of roughly $11.22 billion, making it the 10th-largest cryptocurrency by market value. The token is used for staking, governance and ecosystem participation.
Bitwise, which manages about $11 billion in client assets, said the fund will charge a 0.34% sponsor fee, waived for the first month on the first $500 million in assets.
Earlier this week, 21Shares launched its THYP Hyperliquid fund, drawing 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.
On Wednesday, wallets linked to venture capital firm Andreessen Horowitz accumulated about $67 million worth of HYPE over the past month and staked roughly $51 million.
The following day, Coinbase announced it would become the official treasury deployer for USDC on Hyperliquid, where the stablecoin’s supply has grown to around $5 billion since the network launched in 2023.