Bitwise To Launch First US Hyperliquid Staking ETF

In-House Staking Sets BHYP Apart

Bitwise Asset Management, the global crypto asset manager with $11 billion in client assets, has launched the Bitwise Hyperliquid ETF (NYSE: BHYP), the first US ETF to offer Hyperliquid $HYPE staking rewards managed entirely in-house. The fund began trading on the New York Stock Exchange on May 15, 2026.

Bitwise intends to stake the fund's HYPE holdings through its in-house staking division, Bitwise Onchain Solutions, making it the only Hyperliquid ETP sponsor to utilise its own infrastructure rather than outsourcing to a third-party provider. Staking rewards earned on the staked portion flow back into the fund after a 15 percent fee paid to Bitwise and its staking agents, increasing the amount of HYPE backing each share over time. Anchorage Digital Bank will act as custodian for the ETF's HYPE, and CF Benchmarks will provide the daily reference price.

The sponsor fee is set at 0.34%, waived entirely for the first month on the fund's first $500 million in assets.

A Growing Race for Hyperliquid Exposure

The BHYP launch follows closely on the heels of competing products from 21Shares, which launched the 21Shares Hyperliquid ETF (ticker: THYP) and the 21Shares 2x Long HYPE ETF (ticker: TXXH) on May 12, 2026. Unlike BHYP, 21Shares routes its staking through Figment, a regulated third-party staking provider, with quarterly cash dividends distributed to shareholders from the rewards generated. THYP recorded roughly $1.8 million in first-day trading volume, according to Bloomberg ETF analyst James Seyffart.

HYPE has risen to become the tenth-largest crypto asset in the world in less than two years of trading, with a market cap of over $11 billion. The token is used for staking, governance, and ecosystem participation on Hyperliquid, a platform that recorded $2.9 trillion in trading volume in 2025, up more than 400% year on year, and commands approximately 60% of all onchain derivative open interest globally.

Grayscale is next in line to launch its own Hyperliquid ETF, though a launch date has not yet been confirmed, meaning competition in this space is set to intensify further.

Sources:
Bitwise Asset Management: Bitwise Launches Spot Hyperliquid ETF (BHYP)
GlobeNewswire: 21Shares Launches THYP and TXXH, the First US ETFs Tracking Hyperliquid
PR Newswire: Bitwise Launches Spot Hyperliquid ETF (BHYP)