Bitwise Launches Hyperliquid ETF on NYSE with HYPE Staking Rewards

Highlights:

• Bitwise launched the Hyperliquid ETF on the NYSE with direct exposure to the HYPE token.
• 21Shares recorded $1.2 million in THYP inflows within two trading days.
• HYPE jumped 16.78% as the ETF launched, and the Coinbase partnership increased investor interest.

Bitwise has launched the BHYP fund on the New York Stock Exchange today under the ticker symbol BHYP. The company confirmed that the Hyperliquid ETF product offers direct exposure to HYPE token through a regulated exchange-traded structure.

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BITWISE TO LAUNCH FIRST US HYPERLIQUID STAKING ETF

The Bitwise Hyperliquid $HYPE ETF will begin trading Friday on the New York Stock Exchange under ticker BHYP.

The fund will become the first US ETF to offer Hyperliquid staking rewards.

Bitwise said staking operations will be… pic.twitter.com/fPdujtBvYx

— BSCN (@BSCNews) May 15, 2026

The BHYP fund carries a 0.34% management fee for investors seeking HYPE exposure through traditional brokerage accounts. Hyperliquid attracts institutional investors because the platform leads the onchain perpetual futures market by trading activity.

The exchange also handles increasing trading volume tied to tokenized commodities and spot cryptocurrency markets. Many institutional firms now monitor Hyperliquid because of its rapid growth across crypto derivatives trading.

Hyperliquid ETF Brings Staking Exposure While Trading Activity Climbs

Bitwise designed the Hyperliquid ETF with integrated staking rewards through Bitwise Onchain Solutions. The company said the structure allows investors to generate additional yield tied to staked HYPE holdings.

Staking allows token holders to lock digital assets into blockchain operations in exchange for network-related rewards. Therefore, Bitwise included staking features to increase product appeal for investors seeking additional returns tied to HYPE.

Bitwise Chief Investment Officer Matt Hougan highlighted Hyperliquid’s growing role during market disruptions earlier this year. Hougan said traders turned to Hyperliquid because the platform continued providing uninterrupted price discovery during the disruption. Bloomberg later cited Hyperliquid’s crude oil contract as the market’s most relevant pricing reference during that event.

21Shares launched its competing THYP fund on Tuesday, two days before the Bitwise product entered the market. The THYP fund also provides direct exposure to Hyperliquid’s HYPE token through a regulated exchange-traded structure. In addition, 21Shares confirmed plans to stake a significant portion of its HYPE holdings for additional yield generation.

The 21Shares Hyperliquid ETF product carries a 0.30% management fee, which remains lower than Bitwise’s 0.34% fee. THYP recorded nearly $1.8 million in trading volume and around $1.2 million in net inflows within two trading days.

The 21shares Hyperliquid ETF (Ticker: $THYP)
Day 1 Report

▪️$1.8M in trading volume
▪️~$1.2M in net inflows
▪️0.3% management fee
▪️The lowest management fee for a Hyperliquid ETF as of May 12, 2026¹

Hyperliquid.

— 21shares US (@21shares_us) May 12, 2026

Grayscale and VanEck are now preparing competing Hyperliquid ETF products after the Bitwise and 21Shares launches. However, VanEck has not confirmed a launch timeline for its filing.

ETF Launches and Coinbase Partnership Push HYPE Into Market Spotlight

The Hyperliquid ETF launch by 21Shares and the BHYP debut today by Bitwise pushed HYPE trading activity higher. HYPE is currently trading near $45.12 after recording a 15.59% daily price increase across the crypto market.

In addition, the token’s trading volume surged by 227.93% over the past day, reaching nearly $851 million. The market capitalization also climbed to around $11.48 billion during the latest rally. Hype is up 6.41% on the weekly chart and 2.65% on the monthly chart.

In a separate development, Coinbase announced a USDC treasury partnership with Hyperliquid on May 14 to support the platform’s settlement operations. Under the agreement, Coinbase will serve as Hyperliquid’s official USDC treasury deployer through the Aligned Quote Asset framework. Coinbase also acquired Native Markets, the company behind the USDH stablecoin connected to Hyperliquid. Circle will support the cross-chain infrastructure through its Cross-Chain Transfer Protocol system.

Today we’re expanding our support for @HyperliquidX by becoming the platform’s official treasury deployer of USDC.

Onchain markets operate 24/7 and require collateral that is always available, instantly transferable, and deeply liquid – USDC delivers exactly that.

Alongside… pic.twitter.com/ki7QmSJVdH

— Coinbase 🛡️ (@coinbase) May 14, 2026

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