Bitwise Asset Administration has launched a US-listed funding product tied to Hyperliquid, providing buyers spot publicity to the token and staking rewards linked to the decentralized derivatives platform.
The fund, buying and selling beneath the ticker BHYP on the New York Inventory Trade, is the second US-listed Hyperliquid product to launch this week. Bitwise mentioned the fund plans to stake a good portion of its HYPE (HYPE) holdings by its in-house staking division.
Hyperliquid is a decentralized trading-focused layer 1 blockchain launched in 2023 that gives perpetual futures, spot buying and selling and lending providers. Bitwise mentioned the platform processed about $2.9 trillion in buying and selling quantity in 2025 and accounted for roughly 60% of world onchain derivatives open curiosity as of Could 5, citing DefiLlama information.
HYPE was buying and selling at round $44 on Friday with a market capitalization of roughly $11.22 billion, making it the Tenth-largest cryptocurrency by market worth, in keeping with CoinMarketCap information. The token is used for staking, governance and ecosystem participation.
Bitwise, which manages about $11 billion in shopper belongings throughout crypto funding merchandise together with exchange-traded funds, personal funds and staking methods, mentioned the fund will cost a 0.34% sponsor payment, which will likely be waived for the primary month on the fund’s first $500 million in belongings.
HYPE token worth. Supply: CoinGecko
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Hyperliquid attracts rising institutional curiosity
The launch comes as institutional curiosity in Hyperliquid and HYPE-linked funding merchandise expands throughout crypto asset managers, enterprise capital corporations and buying and selling platforms.
Earlier this week, 21Shares launched its THYP Hyperliquid fund within the US, drawing about $1.2 million in web inflows and $1.8 million in buying and selling quantity on its first buying and selling day, in keeping with Bloomberg ETF analyst James Seyffart. Grayscale Investments can also be awaiting a call on its proposed Hyperliquid fund.
On Wednesday, onchain analytics account Lookonchain mentioned wallets linked to enterprise capital firm Andreessen Horowitz had amassed about $67 million value of HYPE over the earlier month and staked roughly $51 million value of the token.
Supply: Lookonchain
The next day, Coinbase introduced it might change into the official treasury deployer for USDC (USDC) on Hyperliquid, the place the stablecoin’s provide has grown to round $5 billion for the reason that community launched in 2023, in keeping with DeFiLlama information.
As Hyperliquid positive factors traction as a decentralized derivatives alternate, centralized crypto firms have additionally expanded deeper into perpetual futures and offshore derivatives markets by new buying and selling merchandise and worldwide launches.
Earlier this yr, Coinbase launched inventory perpetual futures for eligible non-US customers, whereas Kraken rolled out tokenized fairness perpetual futures tied to belongings together with Nvidia (NVDA), Apple (AAPL) and Tesla (TSLA) for offshore purchasers.
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