Listed crypto ETF exposure to onchain derivatives infrastructure with staking rails.

Bitwise Launches First Spot Hyperliquid ETF With In-House Staking on NYSE

By Isaac • May 15, 2026 8:40 pm • Comments

Bitwise Asset Management announced the Bitwise Hyperliquid ETF, ticker BHYP, on May 14, 2026. The fund trades on NYSE and offers 100% direct exposure to spot HYPE.

Bitwise says BHYP is among the first U.S. spot Hyperliquid exchange-traded products. It is also the first to use in-house staking rather than farming that function out to a third party.

The firm intends to stake the fund’s HYPE holdings through Bitwise Onchain Solutions, its own staking division. That detail sets BHYP apart from most crypto ETFs that rely on outside custodians or staking providers.

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Hyperliquid’s native token has climbed to the tenth-largest crypto asset by market cap, sitting above $11 billion less than two years after its debut. The protocol has processed $4.4 trillion in cumulative perpetual-swap volume, according to DeFiLlama data cited by Bitwise.

Bitwise via PRNewswire described the launch:

According to Bitwise via PRNewswire: Bitwise Asset Management announced the Bitwise Hyperliquid ETF, ticker BHYP. The release describes BHYP as among the first U.S. spot Hyperliquid ETPs and the first to offer in-house staking.

Bitwise says it intends to stake the fund’s HYPE holdings through its in-house staking division, Bitwise Onchain Solutions. The company also says Hyperliquid’s native token became the tenth-largest crypto asset less than two years after debut, with a market cap above $11 billion, while emphasizing that BHYP carries significant risk and is not suitable for all investors.

Bitwise announced BHYP on May 14, 2026. BHYP is the Bitwise Hyperliquid ETF.

The fund trades on NYSE. Bitwise said BHYP is among the first U.S. spot Hyperliquid ETPs and the first to offer in-house staking.

Bitwise intends to stake the fund’s HYPE holdings through Bitwise Onchain Solutions. The release says Hyperliquid’s native token became the tenth-largest crypto asset less than two years after debut, with a market cap above $11 billion.

Bitwise’s X account said BHYP offers 100% direct exposure to spot HYPE and uses in-house staking rather than a third-party staking provider.

The crypto ETF landscape has expanded quickly since Bitcoin and Ethereum spot products broke through. BHYP marks a further step: packaging a protocol-specific asset tied to onchain derivatives infrastructure into a regulated, publicly traded wrapper.

Hyperliquid’s throughput claim of 200,000 orders per second makes it one of the fastest onchain venues in crypto. That performance underpins both the trading volume and the interest from institutional allocators looking for DeFi infrastructure exposure through familiar rails.

Bitwise’s BHYP product page carries standard prospectus caveats and warns that the fund involves significant risk and may not be suitable for all investors. Anyone considering the product should review the current prospectus materials before investing.

The broader signal here is clear. Crypto ETF issuers are moving past the majors and into protocol-level exposure.

Staking built into the fund structure, handled by the issuer’s own team, adds another layer that traditional finance wrappers have been slow to deliver. BHYP is an early test of how much appetite exists for that kind of product.

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