Bitwise Asset Management has entered the fast-growing market for Hyperliquid-linked investment products with the launch of the Bitwise Asset Management Hyperliquid ETF (NYSE:BHYP). The fund, which begins trading on Friday, is among the first spot Hyperliquid exchange-traded products in the U.S. and the first to incorporate in-house staking through Bitwise Onchain Solutions. The launch comes as issuers race to capitalize on investor demand for exposure to decentralized finance infrastructure beyond Bitcoin and Ethereum.

Key features of the Bitwise Hyperliquid ETF (BHYP):

  • Spot exposure to Hyperliquid's HYPE token
  • First U.S. Hyperliquid ETF with in-house staking integration
  • Sponsor fee of 0.34%
  • Fee waived to 0% for the first month on the fund's first $500 million in assets
  • Managed staking through Bitwise Onchain Solutions

Hyperliquid, a Layer 1 blockchain focused on decentralized derivatives trading, has rapidly emerged as one of crypto's fastest-growing ecosystems. According to Bitwise, the network processed $2.9 trillion in trading volume in 2025, up more than 400% year over year, while capturing roughly 60% of global on-chain derivatives open interest.

The platform, best known for its perpetual futures exchange, can reportedly process about 200,000 orders per second and has expanded into spot trading, lending, borrowing and Ethereum-compatible smart contracts through HyperEVM. Its native token, HYPE, has climbed into the top 10 cryptocurrencies by market cap, exceeding $11 billion.

The launch also intensifies competition in the emerging Hyperliquid ETF category. Earlier this month, 21Shares introduced two U.S.-listed HYPE-linked ETFs, 21Shares Hyperliquid ETF (NASDAQ:THYP), which offers spot exposure alongside staking rewards, and the 21Shares 2x Long HYPE ETF (NASDAQ:TXXH), which provides leveraged exposure to the token’s price movements. The latest wave of launches highlights how ETF issuers are increasingly targeting on-chain trading infrastructure as institutional and retail interest in decentralized finance continues to grow.

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