The Bitwise Hyperliquid ETF, ticker BHYP, traded more than $40 million in its first three hours on NYSE Arca. The fund holds HYPE directly and stakes about 70% of it. Volume does not equal new money, and the fee waiver behind its 0% net expense ratio could expire.
The Bitwise Hyperliquid ETF traded more than $40 million in its first three hours of trading. The fund trades on NYSE Arca under the ticker BHYP.
BHYP holds HYPE and stakes most of it
BHYP holds HYPE directly. HYPE is the native token of Hyperliquid, a blockchain built for trading derivatives.
The fund stakes approximately 70% of its holdings, and monthly liquidity reviews govern that share. Under staking, holders lock up tokens to help secure a network in exchange for rewards. The roughly 30% left unstaked serves a purpose: ETFs must handle redemptions, and staked tokens cannot always be pulled out instantly.
In-house staking and a 0% net fee
Bitwise handles staking through its own unit, Bitwise Onchain Solutions. According to Crypto Briefing's research findings, that makes BHYP the first US-based spot ETF to include in-house staking through that arm.
The fund lists a sponsor fee of 0.34%, but a net expense ratio of 0% after waivers.
Why Hyperliquid drew a launch
The Hyperliquid network recorded around $2.9 trillion in onchain derivatives trading volume in 2025. It also holds a significant share of open interest in onchain derivatives. Crypto Briefing's research findings characterize investor interest as strong relative to peer altcoin ETF launches.
Volume is not net new money
The $40 million figure measures trading volume, not net new money. Volume counts every share that changed hands, including market makers seeding liquidity and traders flipping positions within the same session.
Two details bear watching. If redemptions surge, Bitwise's liquidity buffer becomes the fund's most important feature. And waivers can expire, which would leave the 0.34% sponsor fee in place.
Source: Crypto Briefing
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