Bitwise’s Hyperliquid ETF to Begin Trading on NYSE

Bitwise’s Hyperliquid exchange-traded fund will begin trading on the New York Stock Exchange on May 15.

The fund will trade under the ticker BHYP and will be the first ETF in the US market to offer Hyperliquid staking rewards, The Block reported on May 14.

Bitwise plans to operate the staking service through its subsidiary, Bitwise Onchain Solutions. 21Shares, which launched its Hyperliquid ETF THYP on May 13, has also said it plans to stake a sizable amount of HYPE tokens.

Hyperliquid is the largest on-chain perpetual futures exchange. It has recently been expanding quickly into tokenized commodities and spot crypto trading. Its native token, HYPE, is used to pay platform fees and has consistently ranked among the top 15 cryptocurrencies by trading volume.

“Hyperliquid has emerged as one of the most compelling investment opportunities in crypto today,” Bitwise Chief Investment Officer Matt Hougan said. He said that during a Sunday morning in February, when geopolitical tensions were rising and traditional financial markets were closed, the market turned to Hyperliquid for price discovery.

Hougan added that Bloomberg described Hyperliquid’s crude oil futures contract at the time as the market’s most important pricing benchmark.

HYPE was up about 13% over the past 24 hours as of publication. Its market capitalization was about $10.5 billion, making it the ninth-largest cryptocurrency excluding stablecoins.

Bitwise was the first asset manager to file an S-1 registration statement for a Hyperliquid ETF, doing so in September 2025. Since then, 21Shares and Grayscale have also joined the race to launch similar funds.

Bitwise said BHYP is not a registered investment company under the Investment Company Act of 1940, meaning it is not subject to the same investor protection rules as conventional ETFs and mutual funds. The management fee is 0.34%, and the firm will waive that fee on the first $500 million in assets during the fund’s first month.