The Bitwise Hyperliquid ETF (BHYP) officially begins trading on the New York Stock Exchange today, May 15, 2026, marking the first U.S.-listed exchange-traded fund to offer direct Hyperliquid exposure along with staking rewards. The fund is managed by Bitwise Asset Management, with staking operations handled through its subsidiary Bitwise Onchain Solutions.
BHYP carries a 0.34% management fee, which will be waived during the first month for the first $500 million in assets. Unlike traditional crypto ETFs that merely track a coin’s price, this product aims to distribute staking-generated yield to shareholders, creating a hybrid instrument that blends passive tracking with active income generation.
Hyperliquid, the underlying layer-1 blockchain and decentralized exchange (DEX), processed over $2.9 trillion in transaction volume in 2025 — a year-over-year increase exceeding 400%. Its native token HYPE holds a market cap of approximately $11 billion, ranking among the top ten cryptocurrencies by valuation excluding stablecoins.
Bitwise’s Chief Investment Officer Matt Hougan emphasized Hyperliquid’s resilience, pointing to February 2026 when geopolitical tensions shuttered traditional markets yet the decentralized platform remained operational for commodity price discovery. The listing also follows rival 21Shares’ launch of its own Hyperliquid ETF (THYP) earlier this week; THYP reportedly recorded $1.8 million in volume on its first day and $8.1 million the following Thursday.
In parallel, Hyperliquid is transitioning its treasury toward external solutions — Coinbase will act as the official USDC deployer, phasing out the native stablecoin USDH. BHYP itself traces back to September 2025, when Bitwise filed its initial S-1 registration form. The fund is not registered under the Investment Company Act of 1940, meaning it does not carry the same protections as traditional mutual funds.
