Bitwise BHYP Hyperliquid ETF Launches on NYSE Amid Rising Institutional Interest in HYPE
Bitwise has launched its Hyperliquid ETF on the New York Stock Exchange under the ticker BHYP, following closely behind rival 21Shares' THYP. The fund began trading on May 15 and offers staking rewards to investors through Bitwise Onchain Solutions. This move marks a significant step in institutional interest in HYPE and on-chain perpetuals.
Bitwise was the first asset manager to file for a Hyperliquid ETF, submitting its Form S-1 in September ahead of similar filings by 21Shares and Grayscale. The BHYP fund carries a 0.34% sponsor fee, with no fee charged for the first month on the initial $500 million in assets.
The rise in institutional interest in HYPE is evident in its market capitalization, which has reached $10.5 billion, making it the ninth-largest cryptocurrency by market cap excluding stablecoins. The native HYPE token is used to pay fees on Hyperliquid and ranks among the top 15 tokens by trading volume.