Bitwise started trading BHYP on the New York Stock Exchange on May 15, 2026, the first spot Hyperliquid exchange-traded product available to US investors. Buy a share in a normal brokerage account and you hold HYPE, the token behind the Hyperliquid derivatives exchange, without an exchange account, a wallet, or a seed phrase. What sets this one apart from other crypto wrappers is the staking: Bitwise runs it in-house and feeds the rewards back into the fund.
What is BHYP?
It is a spot exchange-traded product, which means it owns the underlying asset directly. The fund holds real HYPE, and each share is backed by those tokens, so the share moves with the token's price rather than tracking it through futures contracts that can drift. For more on how these wrappers work, see our crypto ETFs hub.
BHYP trades under one ticker on a US exchange, which is the whole pitch. You get HYPE exposure inside the same account that holds your stocks, on your normal statements and tax forms, and you never touch the token itself.
Why the in-house staking matters
Most crypto funds that stake do it through a third party. Bitwise says it is the only Hyperliquid ETP sponsor that stakes HYPE on its own infrastructure, through a division it calls Bitwise Onchain Solutions, and the first such fund to offer the feature. The rewards earned go back to the fund rather than to you directly.
That has a cost angle. The standard fee is 0.34% a year, and the launch announcement says staking rewards are routed toward the fund's net asset value, which can offset that fee and leave the effective holding cost below the headline number. Worth a caveat: Bitwise's own filing notes the HYPE backing each share still shrinks over time because the management fee is paid in HYPE, and it does not promise the rewards fully cover the fee. The rewards are not guaranteed and move with network conditions.
There is also a launch deal. For the first month of trading, the fee drops to 0% on the fund's first $500 million in assets, per the launch announcement.
The risk the wrapper does not remove
A clean brokerage ticker can make this feel tamer than it is. It is not. BHYP holds one asset, and that asset is a single altcoin tied to one trading venue. Concentration like that cuts both ways: there is no basket to absorb a bad week, and HYPE has the price swings you would expect from a young token rather than from a broad index. The ETF wrapper removes the custody and key-management work. It does not remove the volatility, and it does not diversify anything.
What the in-house staking does NOT tell you is whether demand will hold. A first-mover, single-token fund can draw early attention and still see flows fade once the novelty does. The fee promo runs a month; the staking math depends on rewards that vary. The number to watch is assets under management in the opening weeks, which will start to show whether a Hyperliquid wrapper has a steady audience or just a launch-day one.