Bitwise Launches 'BHYP', the First US Hyperliquid ETF Combining Staking Rewards

On May 15, 2026, Bitwise Asset Management officially listed the Bitwise Hyperliquid ETF (Ticker: BHYP) on NYSE Arca, bridging the gap between institutional finance and decentralized derivatives. This fund is the first spot Hyperliquid product in the U.S. to provide native staking rewards through its own infrastructure, demonstrating an evolution in how regulated investment vehicles capture the value of Proof-of-Stake (PoS) assets.

The launch of BHYP has paved the way for institutional investors to participate in the growth of the Hyperliquid ecosystem without complex on-chain procedures. Notably, combined with Bitwise's professional management capabilities, it is drawing attention for presenting a revenue model that goes beyond simple asset holding.

BHYP began full-scale trading on NYSE Arca starting May 15, 2026. Bitwise, which managed approximately $11 billion in client assets as of April 1, 2026, has significantly expanded institutional access to the Hyperliquid ecosystem through this launch.

BHYP provides spot exposure to Hyperliquid's HYPE token and will stake a portion of its holdings through Bitwise's in-house staking division.

Unlike existing ETFs that merely provide price exposure, this fund utilizes internal infrastructure called Bitwise Onchain Solutions to validate network transactions and earn rewards. This is regarded as the first case of adopting a structure that generates revenue directly within the fund without relying on external staking providers.

Key Specifications of the Bitwise Hyperliquid ETF

BHYP takes the approach of providing 100% direct exposure to HYPE, the native token of the Hyperliquid network. Investors are now able to participate in the growth of the Hyperliquid ecosystem through their brokerage accounts without managing individual wallets or undergoing complex staking procedures.

• Ticker Symbol: BHYP
• Listing Exchange: NYSE Arca
• Underlying Asset: Hyperliquid (HYPE) Spot
• Staking Provider: Bitwise On-chain Solutions (In-house infrastructure)

Hyperliquid is solidifying its position as an on-chain derivatives exchange in the decentralized finance (DeFi) space. In particular, the recent news of collaboration with Coinbase regarding USDC has acted as a major driver in strengthening the overall fundamentals of the ecosystem ahead of the ETF launch.

The market responded immediately to the ETF launch and positive ecosystem news. The HYPE token showed strength, surging about 20% over the last two days and breaking through the $46 level. However, market predictions suggest it could adjust to around $31.36 by May 17, 2026, requiring caution from investors.

A New Precedent for Staking-Integrated ETPs

Bitwise's move is strategically significant in that it directly integrated in-house staking infrastructure among products submitted to regulatory authorities. This is expected to serve as an important precedent, encouraging other asset managers to include native network rewards when designing cryptocurrency ETPs in the future.

The influx of institutional capital is expected to contribute to strengthening the security and liquidity of the Hyperliquid L1 blockchain. If capital inflows through BHYP continue, the Hyperliquid network will be able to secure a higher level of decentralization and stability.

In conclusion, the success of BHYP depends on the continuous growth of the Hyperliquid derivatives platform, its underlying asset, and the stability of staking yields. Through this launch, Bitwise has successfully expanded the scope of cryptocurrency investment products from simple price tracking to network-participatory yield generation.