Bitwise is rolling out a new ETF that gives investors direct exposure to Hyperliquid’s HYPE token and bakes staking rewards into the fund itself. The Bitwise Hyperliquid ETF, trading under the ticker BHYP, lists on the New York Stock Exchange and is the first US ETF to offer in-house Hyperliquid staking through Bitwise’s own on-chain division.
How the BHYP ETF Works
BHYP is a spot ETF that holds HYPE, the native token of the Hyperliquid decentralized trading network, fully collateralized. The fund’s primary goal is to track the value of HYPE held in the trust, while its secondary goal is to earn additional Hyperliquid tokens through staking on the network. Bitwise set an annual sponsor fee of 0.67 percent in its updated SEC filing, putting BHYP in line with the fee range of other single‑asset crypto products.
According to Bitwise’s registration documents, the trust plans to stake a substantial share of its HYPE holdings while keeping around 30 percent liquid to meet redemptions. Staking rewards earned on the staked portion will flow back into the fund after a 15 percent fee paid to Bitwise and its staking agents, increasing the amount of HYPE backing each share over time. Anchorage Digital Bank will act as custodian for the ETF’s HYPE, and CF Benchmarks will provide the fund’s daily reference price.
In‑house Staking through Bitwise On-chain Solutions
A key twist with BHYP is that Bitwise will not outsource the staking function to a third‑party validator in the US product. Bitwise will instead run staking through its internal on‑chain unit, often called Bitwise On‑Chain Solutions, which already operates staking strategies and ETPs in Europe. Earlier this year, Bitwise Europe listed a Hyperliquid Staking ETP with the same BHYP ticker on Deutsche Börse Xetra, structured to capture staking yield on HYPE while keeping tokens in cold storage.
Managing staking in‑house lets Bitwise keep tighter control over validator selection, slashing risk management, and how it measures and distributes rewards. It also gains an edge against rivals like Grayscale and some 21Shares filings, which either skip staking entirely or handle it through separate providers in the US market. For investors, that means one ticker delivers both price exposure and on-chain yield, without the need to run their own wallets or interact directly with the Hyperliquid protocol.
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