The new Bitwise Hyperliquid ETF, trading under the ticker BHYP on NYSE Arca, recorded over $40 million in trading volume during its first three hours. The fund provides exposure to HYPE, the native token of the Hyperliquid derivatives blockchain.
The fund structure includes a staking component managed by Bitwise Onchain Solutions. Approximately 70% of the held tokens are staked to generate rewards, while the remaining 30% are kept liquid to facilitate potential redemptions.
BHYP is the first spot ETF in the United States to utilize in-house staking services. The fund currently lists a sponsor fee of 0.34%, though a waiver results in a net expense ratio of 0% for investors.
Hyperliquid maintains a significant presence in the derivatives market, recording roughly $2.9 trillion in onchain trading volume in 2025. The initial trading activity for BHYP is described as strong compared to other altcoin ETF launches.
