Bitwise Hyperliquid ETF Launches on NYSE

The Bitwise Hyperliquid ETF, trading under the ticker BHYP, began operations on the New York Stock Exchange on May 15, 2026, offering investors direct exposure to spot HYPE, the native token of the Hyperliquid blockchain platform. The fund stands out as the first U.S.-listed product to provide staking rewards managed in-house by Bitwise Onchain Solutions, a subsidiary of Bitwise Asset Management.

BHYP tracks the price of HYPE while aiming to generate additional yields through staking, with distributions of net investment income to shareholders on a periodic basis. The sponsor fee is set at 0.34 percent, fully waived for the first month on the initial 500 million dollars in assets. However, the fund is not registered under the Investment Company Act of 1940, so it lacks the protections afforded to traditional mutual funds and certain exchange-traded funds. Investors face risks including potential complete loss of principal, variable staking rewards, and additional costs such as brokerage fees.

Hyperliquid has solidified its position as the dominant platform for onchain perpetual contracts, controlling about 60 percent of global open interest in the sector as of May 13, according...