Bitwise launches Hyperliquid fund in U.S. with staking rewards

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Bitwise Hyperliquid fund launch

Highlights

Bitwise launched the Hyperliquid fund (BHYP) on the NYSE, waiving its 0.34% sponsor fee for the first $500 million in assets in the first month.
Hyperliquid processes approximately $2.9 trillion in trading volume in 2025 and comprises about 60% of global onchain derivatives open interest as of May 5.
Andreessen Horowitz wallets accumulated $67 million in HYPE over the last month with $51 million staked, while Coinbase became official USDC treasury deployer on Hyperliquid, which now has $5 billion in stablecoin supply.

Fund structure and market positioning

As reported by Cointelegraph, the new fund trades on the New York Stock Exchange under the ticker BHYP and is the second U.S.-listed Hyperliquid product to launch this week. Bitwise says it plans to stake a significant portion of the fund’s HYPE holdings through its in-house staking division.

Bitwise says the fund charges a 0.34% sponsor fee, with that fee waived for the first month on the first $500 million in assets. The firm manages about $11 billion in client assets across crypto investment products including exchange-traded funds, private funds and staking strategies.

Hyperliquid is a decentralized trading-focused layer 1 blockchain launched in 2023 that offers perpetual futures, spot trading and lending services. Bitwise cites DefiLlama data showing the platform processes about $2.9 trillion in trading volume in 2025 and accounts for roughly 60% of global onchain derivatives open interest as of May 5.

Institutional demand builds around Hyperliquid

Interest in Hyperliquid and HYPE-linked products is expanding across crypto asset managers, venture capital firms and trading platforms. Earlier this week, 21Shares launched its THYP Hyperliquid fund in the U.S., drawing about $1.2 million in net inflows and $1.8 million in trading volume on its first trading day, according to Bloomberg ETF analyst James Seyffart, while Grayscale Investments is still awaiting a decision on its proposed Hyperliquid fund.

On Wednesday, onchain analytics account Lookonchain says wallets linked to Andreessen Horowitz accumulate about $67 million worth of HYPE over the previous month and stake roughly $51 million of the token. The following day, Coinbase announces it will become the official treasury deployer for USDC on Hyperliquid, where stablecoin supply has grown to around $5 billion since the network launched in 2023, according to DeFiLlama data.

As Hyperliquid gains traction as a decentralized derivatives exchange, centralized crypto companies are also expanding further into perpetual futures and offshore derivatives markets. Earlier this year, Coinbase launched stock perpetual futures for eligible non-U.S. users, while Kraken rolled out tokenized equity perpetual futures tied to assets including Nvidia, Apple and Tesla for offshore clients.

In our earlier article on Coinbase becoming Hyperliquid’s USDC treasury operator, we covered how the company strengthened its control over the network’s stablecoin reserves after acquiring USDH-related assets and making USDC the primary reserve. We also noted Coinbase’s increased staking of HYPE and its plan to recycle reserve yields into protocol incentives, while technical indicators at the time pointed to volatile, range-bound trading with key downside risk near the $190 support level for COIN.

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