- Bitwise’s Hyperliquid ETF (BHYP) will officially begin trading on the NYSE on Friday.
- The fund will offer exposure to HYPE and include staking rewards through Bitwise Onchain Solutions.
- Hyperliquid has become the leading onchain perpetual futures exchange and one of crypto’s fastest-growing ecosystems.
- 21Shares’ competing Hyperliquid ETF recently posted strong early trading activity and inflows.
- Growing institutional interest is helping HYPE emerge as one of the biggest altcoin ETF narratives of 2026.
Hyperliquid ETF Competition Intensifies
Crypto asset manager Bitwise is preparing to launch its Hyperliquid ETF on the New York Stock Exchange under the ticker symbol BHYP, adding another major product tied to one of crypto’s hottest ecosystems.
The launch comes only days after 21Shares debuted the first-ever Hyperliquid ETF, THYP, earlier this week. According to Bloomberg ETF analysts, THYP generated $1.8 million in trading volume on its first day before accelerating to over $8 million in daily volume later in the week.
Bitwise originally became the first asset manager to file for a Hyperliquid ETF back in September, before competitors including 21Shares and Grayscale followed.
Why Hyperliquid Is Attracting Wall Street Attention
Hyperliquid has rapidly become the dominant decentralized perpetual futures exchange in crypto. The platform processes massive amounts of leveraged trading activity directly onchain and has also expanded into tokenized commodities and spot crypto markets.
Its native HYPE token powers transaction fees and ecosystem activity, and it now consistently ranks among the most actively traded crypto assets globally. Excluding stablecoins, HYPE has already climbed into the top ten cryptocurrencies by market capitalization, reaching roughly $10.5 billion.
Bitwise CIO Matt Hougan described Hyperliquid as one of the most compelling opportunities in crypto today, pointing to moments where traditional markets were closed while Hyperliquid became a key source of global price discovery.
One example came during geopolitical tensions earlier this year, when Bloomberg reportedly cited Hyperliquid’s crude oil perpetual market as one of the most relevant active pricing venues while traditional commodity markets remained offline.
ETF Structure Includes Staking Rewards
Unlike traditional ETFs, BHYP will also distribute staking-related exposure through Bitwise Onchain Solutions, the company’s internal staking division.
That means investors gain indirect access not only to HYPE price movements but also to staking yield generated inside the Hyperliquid ecosystem.
The product will carry a 0.34% sponsor fee, though Bitwise said the fee will temporarily be waived for the fund’s first month on up to $500 million in assets.
The launch reflects a broader shift where asset managers are aggressively expanding beyond Bitcoin and Ethereum ETFs into infrastructure-focused crypto ecosystems tied to trading, stablecoins, and decentralized finance.
