Bitwise to Debut U.S. Spot HYPE ETF as 21Shares Pulls in $2.5M

Bitwise said it will roll out a U.S. spot HYPE ETF on May 15, bringing another institutional on-ramp to the Hyperliquid ecosystem. The fund, trading under the ticker BHYP, is designed to provide 100% exposure to HYPE and will include an integrated staking feature. Bitwise framed Hyperliquid as a major venue for onchain trading, pointing to a weekend Middle East geopolitical flare-up when traditional markets were shut and institutions "turned to Hyperliquid" rather than waiting for Monday. The ETF is set to list on the New York Stock Exchange (NYSE). The launch follows an updated filing from Bitwise. Its fee is listed at 0.34%, above 21Shares' 0.30%. 21Shares began trading what it described as the first U.S. spot HYPE ETF on May 13 and has logged $2.5 million in net inflows over the past two days, according to SoSo Value. Additional spot HYPE products are also in the pipeline. A similar offering from Grayscale is expected to arrive soon, while the timing of VanEck's product remains uncertain. Coinbase tie-up reshapes stablecoin liquidity Coinbase announced it will serve as Hyperliquid's official treasury deployer for USDC. It also acquired Native Markets, the company behind the stablecoin USDH, which had been positioned to replace USDC on the DEX. USDH was initially pitched as a way to reduce the economic leakage tied to roughly $5 billion of USDC circulating on Hyperliquid. That balance was generating about $200 million in interest income shared by Coinbase and Circle, without direct benefit to Hyperliquid. Following the acquisition, Coinbase plans to sunset USDH and make USDC the primary liquidity asset on Hyperliquid. The market focus has shifted to the revenue-sharing terms: Coinbase is expected to return 90% of the interest income to support HYPE value-accrual initiatives, including buybacks. The arrangement implies roughly $160 million to $180 million per year could be routed back into Hyperliquid. Relayer Capital founder Austin Barack estimated the incremental demand impact at about $440,000 per day in additional $HYPE buy pressure, on top of roughly $1.7 million in daily trading-fee revenue. HYPE jumped 23% on the news, reaching $47 for a fresh yearly high, with large holders reportedly adding long exposure. Summary The U.S. market is set to see its second spot HYPE ETF as Bitwise lists BHYP after 21Shares launched a competing product earlier this week. Separately, analysts characterized the Coinbase-Hyperliquid agreement as supportive for the DEX, potentially channeling $160 million to $180 million a year into HYPE-related value-accrual programs.