Bitwise BHYP Hyperliquid ETF Starts NYSE Trading With In-House Staking

Published: 2026-05-15 06:07:31 |

Bitwise’s spot Hyperliquid ETF, BHYP, starts trading on the NYSE today. The fund charges a 0.34% sponsor fee, waived for one month on the first $500M in assets. A key edge versus peers: BHYP uses Bitwise’s in-house staking via Bitwise Onchain Solutions, instead of relying on third-party staking, which may help preserve staking yield for ETF holders. The launch arrives two days after 21Shares debuted the competing Hyperliquid ETF, THYP, whose staking is routed through third parties—setting up a near-term “fee vs staking margin” comparison for institutional HYPE demand. HYPE has been strong, up roughly 20% over two days and trading above $46, with the article pointing to broader ecosystem momentum. Coinbase is set to become the official treasury deployer for USDC on Hyperliquid as an “Aligned Quote Asset,” reinforcing USDC’s role in Hyperliquid’s capital markets infrastructure. Flow signals: THYP reportedly saw $1.8M trading volume on day one and $8.31M by Thursday, with cumulative net inflows around $2.52M (SoSoValue). For context, the article cites Hyperliquid’s large derivatives footprint and cites HYPE market cap near $11.8B. For traders, BHYP adds regulated US access plus staking-based yield participation to HYPE. Watch follow-through on ETF inflows and any spread in performance versus THYP as the market prices staking economics.

Bullish

The BHYP launch is likely to support HYPE demand by adding regulated NYSE access combined with staking-yield participation, and the in-house staking setup may improve investor yield retention versus third-party staking models. Near-term, the strong market reaction and early THYP flow metrics suggest ETF wrappers are beginning to attract incremental institutional/retail capital. Longer term, if BHYP’s staking economics prove favorable, it could increase confidence in holding HYPE through regulated products. On balance, these factors point to an upside bias for HYPE price in the short to medium term, assuming ETF inflows persist.