TL;DR:
In less than 24 hours, the new Bitwise Hyperliquid ETF will make its debut on the NYSE, operating under the ticker BHYP. This debut marks a milestone in the offering of financial products based on decentralized derivatives.
This initiative comes after the launch of the 21Shares fund (THYP) earlier this week. According to Bitwise’s announcement, BHYP is distinguished by being the first US fund to offer staking rewards managed internally through its specialized division, Bitwise Onchain Solutions.
Hyperliquid has established itself as the leading platform for on-chain perpetual contract exchange. Reports indicate that its native token, HYPE, consistently remains among the assets with the highest daily trading volume globally.
At the time of writing, HYPE’s market capitalization amounts to $11 billion. Data from CoinMarketCap places the asset as the tenth largest cryptocurrency in the world by total valuation, excluding stablecoins.
It is important to note that Bitwise is not registered under the Investment Company Act of 1940. According to the company, this means the ETF does not have the same protections as traditional mutual funds.
Bitwise’s Chief Investment Officer, Matt Hougan, noted that Hyperliquid is a significant investment opportunity. The executive cited events from February 2026 where traditional markets closed due to geopolitical tensions, while the decentralized platform continued to operate for commodity price discovery.
Competition in this sector has intensified rapidly. Market data confirms that 21Shares’ THYP ETF recorded a volume of $1.8 million on its first day. Michael Friedman, an executive at 21Shares, reported that the fund reached a traded value of $8.1 million last Thursday.
This acceleration in institutional interest coincides with Hyperliquid’s transition toward external treasury solutions. Recently, it was announced that Coinbase will act as the official USDC deployer for the platform, gradually replacing the native stablecoin USDH.
The launch of BHYP this Friday represents the close of a cycle that began in September 2025, when Bitwise filed its first S-1 form with regulators. The commencement of this financial vehicle is expected to expand access to the yields generated by Hyperliquid network activity.
