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Bitwise's spot Hyperliquid ETF, ticker BHYP, will begin trading on the NYSE this Friday, the firm confirmed. The launch makes BHYP the first US-listed fund to pass Hyperliquid staking rewards through to shareholders, a structural feature the spot ETFs that landed on the market last year do not offer.
Why it matters
The launch lands just two days after 21Shares' competing Hyperliquid ETF posted $1.8 million in first-day trading volume — a respectable but unremarkable debut for a single-asset altcoin wrapper. Bitwise's staking pass-through is the differentiator: it gives investors a yield component inside the ETF wrapper, something the spot-only products structurally cannot replicate without a separate yield arrangement.
Market impact
Staking-bearing ETF wrappers have been the missing piece in altcoin ETP design since spot SOL and ETH funds launched. A product that wraps both price exposure and native staking yield inside a single NYSE-listed ticker narrows the gap between TradFi access and on-chain yield, and the structure is likely to become a template other issuers copy if BHYP's AUM scales past the typical altcoin-ETF launch trough.
The two-product race — 21Shares at $1.8M on day one, Bitwise entering Friday with the staking edge — is the first real test of whether Hyperliquid can sustain institutional product demand on both legs.
Frequently asked questions
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When does Bitwise's Hyperliquid ETF start trading?
BHYP begins trading on the NYSE this Friday, according to Bitwise. The launch comes two days after 21Shares' competing Hyperliquid ETF posted $1.8M in first-day volume on Tuesday.
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What makes BHYP different from 21Shares' Hyperliquid ETF?
BHYP is the first US-listed Hyperliquid ETF to pass staking rewards through to shareholders. The 21Shares product, and the spot ETFs that launched last year, do not offer a yield component inside the wrapper.
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Why does staking pass-through matter for a Hyperliquid ETF?
Staking pass-through lets investors capture native on-chain yield inside a single NYSE-listed ticker without a separate yield arrangement. Spot-only products structurally cannot replicate that, giving Bitwise a design advantage on day one.
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How did 21Shares' Hyperliquid ETF perform at launch?
21Shares' Hyperliquid ETF posted $1.8 million in trading volume on its first trading day on Tuesday. That is a respectable but unremarkable debut for a single-asset altcoin wrapper.
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Could the BHYP structure spread to other altcoin ETFs?
If BHYP's AUM clears the typical altcoin-ETF launch trough, the staking-yield wrapper becomes a template other issuers are likely to copy for SOL, ETH, and other yield-bearing assets.
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