Bitwise, an asset manager, listed BHYP, an exchange-traded fund that tracks the spot price of Hyperliquid (HYPE), on the New York Stock Exchange on May 15, local time.

According to blockchain media outlet CoinPost, BHYP is one of the early U.S.-approved spot Hyperliquid ETFs and is structured to reflect staking rewards in investment performance.

Bitwise said on May 14 that it would list the "Bitwise Hyperliquid ETF" the following day. The ticker is BHYP. The product is linked to Hyperliquid's spot price and is designed to make it easier for investors to access the on-chain derivatives market.

The differentiator is its staking structure. Bitwise said BHYP is the first U.S.-listed spot Hyperliquid ETF to introduce an in-house staking rewards system. HYPE held by the fund is staked directly through Bitwise's on-chain management unit, Bitwise Onchain Solutions, and rewards generated there are reflected in the fund's return.

Bitwise explained that it aimed not only to hold spot assets but to maximise "additional returns from holding" them. The company also presented the structure as a way to indirectly provide investors with the economic effects of participating in the Hyperliquid network.

Hyperliquid's rapid growth forms the backdrop. Hyperliquid is a layer-1 blockchain that highlights high processing performance and has rapidly increased its presence particularly in decentralised exchange derivatives. The network's annual trading volume in 2025 rose 400 percent year on year to $2.9 trillion.

Its dominance in the on-chain derivatives market has also grown. Hyperliquid accounts for about 60 percent of global on-chain derivatives open interest. Based on this trend, Bitwise sees BHYP as an investment vehicle for Hyperliquid, which has emerged as core infrastructure for the on-chain economy.

BHYP is notable in that it offers an alternative access route for traditional financial investors who find it difficult to hold Hyperliquid tokens directly or go through staking procedures. It provides price exposure through a spot ETF structure while reflecting staking rewards in fund performance, giving it a differentiated return structure from a simple tracking product.

Still, whether reflecting staking rewards will translate into actual performance improvement may depend on market conditions. That is because HYPE price volatility, network trading volume and changes in staking yields can all affect fund performance. As a result, BHYP is expected to become a test case for assessing the Hyperliquid ecosystem's growth potential and gauging investor demand for staking-type crypto ETFs.

Introducing the Bitwise Hyperliquid ETF $BHYP—offering 100% direct exposure to spot HYPE. And the first to use in-house staking, rather than a third-party staking provider. Starts trading tomorrow. Why Hyperliquid? We believe Hyperliquid is one of the most important onchain… pic.twitter.com/Of55iF1AMW