Bitwise Debuts BHYP, a Hyperliquid-Linked ETF Touting Staking Rewards—A U.S. First

Bitwise has launched BHYP, which it describes as the first U.S.-listed ETF designed to deliver staking rewards with leverage. The fund began trading on May 15 under ticker BHYP and provides exposure to Hyperliquid's HYPE token. Bitwise says the product is also the first U.S. ETF to use a native, in-house staking structure. BHYP carries a 0.34% management fee. To seed early liquidity, Bitwise will waive fees for the first month on the first $500 million in assets. A central feature is its integrated staking model. Through its Bitwise Onchain Solutions unit, the firm will stake HYPE and pass staking rewards through to the ETF's net asset value (NAV), positioning BHYP as the first U.S. ETF offering internal staking participation. Bitwise previously filed for the concept in September 2025, as competition has accelerated. Twenty One Shares listed its THYP ETF on Nasdaq earlier this week, posting roughly $1.8 million in first-day volume. Grayscale and Bitwise are also working on high-liquidity crypto ETFs, but have delayed adding staking features amid regulatory uncertainty, giving Bitwise a near-term edge. Bitwise points to Hyperliquid's rapid growth as a driver of institutional demand. The firm calls Hyperliquid a "global price discovery platform" for onchain derivatives, citing about $2.9 trillion in 2025 trading volume and roughly 60% of global onchain derivatives open interest. HYPE also rallied after the ETF news, rising more than 13% to around $44.50. Its market capitalization has moved above $11 billion, placing it among the world's top ten crypto assets. Market participants see BHYP as a conduit between institutional capital and Hyperliquid's expanding ecosystem, which includes perpetual derivatives, spot trading, and an Ethereum-compatible layer called HyperEVM. The product also comes with notable risks. The fund has not been registered under [insert applicable regulations], meaning investors do not receive the same protections as traditional mutual funds under the Investment Company Act of 1940. The staking design adds "penalty" risk, in which a portion of staked assets could be lost due to technical or network issues. Even so, BHYP's debut underscores how quickly traditional markets are incorporating crypto infrastructure as an institutional asset class.