Less than two years after its debut, Hyperliquid’s native token has risen to become the tenth-largest crypto asset in the world, with a market cap of more than $11 billion.
Bitwise Asset Management, the global crypto asset manager with $11 billion in client assets (as of April 1, 2026), announced the launch of the Bitwise Hyperliquid ETF. BHYP is among the first spot Hyperliquid ETPs in the U.S. and the first to offer in-house staking. Bitwise intends to stake the Fund’s Hyperliquid (HYPE) holdings through its in-house staking division, Bitwise Onchain Solutions.1
The Bitwise Hyperliquid ETF (BHYP or the “Fund”) is not suitable for all investors. An investment in BHYP is subject to a high degree of risk, has the potential for significant volatility, and could result in significant or complete loss of investment. BHYP is not an investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and therefore is not subject to the same protections as ETFs and mutual funds registered under the 1940 Act. An investment in BHYP is not the same as a direct investment in the Hyperliquid token (HYPE). Past performance is not indicative of future results.
Hyperliquid is a high-performance Layer 1 blockchain built for onchain trading and decentralized finance. Best known for its perpetual futures exchange, Hyperliquid saw $2.9 trillion in trading volume in 2025, an increase of more than 400% from the prior year.2 The platform commands approximately 60% of all onchain derivative open interest globally3 and processes approximately 200,000 orders per second,4 giving traders fast, transparent, and secure access to financial markets while managing custody risk.
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“Hyperliquid has emerged as one of the most compelling investment opportunities in crypto today,” said Matt Hougan, Chief Investment Officer of Bitwise. “When geopolitical tensions spiked on a Sunday morning in February, and traditional markets were closed, the world turned to Hyperliquid for price discovery. Bloomberg cited its crude oil contract as the most relevant price in the market. That moment underscored what the data already showed: Hyperliquid has built serious, durable infrastructure for the onchain economy—and indeed the economy in general. BHYP is designed to give investors convenient exposure to that potential, with the added benefit of in-house staking to seek to maximize returns.”
In addition to perpetual futures, Hyperliquid supports spot trading, borrowing, lending, and a full Ethereum-compatible smart contract environment (HyperEVM), making it one of the most comprehensive decentralized trading ecosystems in crypto. Its native token, HYPE, has risen to become the tenth-largest crypto asset in the world after less than two years of trading, with a market cap of over $11 billion.5 HYPE is used for staking, governance, and ecosystem participation.
“Hyperliquid’s token is explicitly designed so that rising trading activity on the Hyperliquid platform directly benefits token holders,” said Hougan. “This has translated into historically strong returns. We think it’s one of the most exciting assets in crypto.”
The Bitwise Hyperliquid ETF will begin trading on NYSE on May 15, 2026, with the ticker BHYP. The Sponsor Fee will be 0.34%, with the fee set at 0% for the first month on the Fund’s first $500M in assets.6
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