Bitwise is preparing to launch a new exchange traded fund focused on Hyperliquid’s native HYPE token.
The product, trading under the ticker BHYP, is scheduled to debut on the New York Stock Exchange on May 15.
The launch arrives just days after 21Shares introduced its own Hyperliquid ETF product, THYP, which generated approximately $1.8 million in trading volume on its first day.
Bitwise Bets on Hyperliquid’s Expanding Market Position
Bitwise stated that BHYP will become the first HYPE focused ETF to utilize the firm’s internal staking infrastructure. According to the company, the fund is designed to provide investors with a simple and cost efficient way to gain exposure to Hyperliquid’s growth.
Reacting to the news, Galaxy’s DeFi head Marc Antonio praised the move, highlighting growing excitement around Hyperliquid’s expanding role within decentralized finance.
Data from DefiLlama shows Hyperliquid currently accounts for roughly 60% of global on chain perpetual decentralized exchange open interest. The network is also capable of handling up to 200,000 orders per second while maintaining strong operational reliability.
Bitwise believes these advantages position Hyperliquid as a major potential beneficiary as more financial activity transitions onto blockchain infrastructure.
Chief Investment Officer Matt Hougan stated that Hyperliquid demonstrated its value earlier this year during periods of geopolitical uncertainty, when traditional financial markets were closed and traders relied on the platform for price discovery.
Hougan described Hyperliquid as one of the most compelling opportunities currently available in the crypto market.
He also noted that HYPE has rapidly grown into the world’s tenth largest cryptocurrency by market capitalization within just two years of launch, with its valuation now exceeding $11 billion.
According to Hougan, the token’s structure directly rewards holders as trading activity on the Hyperliquid platform increases, helping fuel the asset’s historically strong performance.
BHYP Fee Structure Revealed
The ETF’s prospectus shows BHYP will charge a sponsor fee of 0.34%. Bitwise plans to waive the fee during the first month for the first $500 million in assets under management.
The company also clarified that the fund has not been registered as an investment company, meaning investors will not receive the same regulatory protections typically associated with traditional ETFs or mutual funds.
Meanwhile, 21Shares’ competing HYPE product, THYP, has continued attracting capital since launch. According to data from SoSoValue, the ETF has already accumulated approximately $7.42 million in net inflows, including nearly $5 million added in a single day.
Bloomberg analyst James Seyffart described THYP’s debut trading volume as respectable, though not extraordinary.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
