Asset manager Bitwise is launching a spot exchange-traded fund (ETF) tracking the HYPE token from decentralized exchange Hyperliquid. The new fund, trading under the ticker BHYP on the New York Stock Exchange starting May 15, is the first HYPE ETF to use an in-house staking infrastructure. This launch follows closely behind a similar HYPE ETF from 21Shares, which recently debuted.
Asset manager Bitwise will launch an exchange-traded fund tracking the native HYPE token from the Hyperliquid protocol. The ETF begins trading on May 15 under the ticker BHYP on the New York Stock Exchange.
Bitwise stated the fund was designed to give investors a convenient, low-cost way to participate in Hyperliquid’s growth. The company also noted BHYP is the first HYPE ETF to use an in-house staking infrastructure.
DeFi Llama data shows Hyperliquid makes up about 60% of global on-chain perpetual DEX open interest. The network can process up to 200,000 orders per second while maintaining a strong reliability record.
Bitwise Chief Investment Officer Matt Hougan said the chain proved its relevance during a period of geopolitical tensions earlier this year. “Hyperliquid has emerged as one of the most compelling investment opportunities in crypto today,” Hougan stated.
He added that HYPE has become the tenth largest crypto asset with a market cap over $11 billion. “Hyperliquid’s token is explicitly designed so that rising trading activity on the Hyperliquid platform directly benefits token holders,” he said.
The fund’s prospectus shows BHYP carries a 0.34% sponsor fee. Bitwise plans to waive this fee for the first month on the first $500 million in assets.
This launch comes days after another HYPE ETF, 21Shares’ THYP, started trading. That product pulled in about $1.8 million in trading volume on its first day.
According to data from SoSoValue, the 21Shares fund has since racked up $7.42 million in cumulative net inflow. Yesterday’s flow alone came in at nearly $5 million.
