Bitwise’s Hyperliquid ETF, trading under the ticker BHYP, has crossed the 1 million HYPE token threshold. That puts the fund’s total holdings north of $62 million, barely two weeks after it started trading on NYSE Arca.
Roughly $55 million of those tokens are actively staked, generating yield from Hyperliquid’s protocol revenue.
A staking ETF that actually stakes its own tokens
BHYP launched on May 15 with a sponsor fee of 0.34%, though Bitwise is waiving that fee for the first $500 million in assets. The fund provides 100% spot exposure to HYPE tokens, meaning investors own the real thing rather than some derivative or futures-based approximation.
What separates BHYP from its competitors is the plumbing. Bitwise built its staking infrastructure in-house through Bitwise Onchain Solutions, rather than farming it out to third-party providers. When BHYP stakes its HYPE tokens, the entire process stays within Bitwise’s operational perimeter, which reduces the kind of counterparty risk that comes from handing your assets to someone else to manage.
