Bitwise will launch its Hyperliquid ETF on Friday, giving investors direct exposure to spot HYPE as institutional demand for Hyperliquid-linked products accelerates.

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

— Bitwise (@Bitwise) May 14, 2026

The Bitwise Hyperliquid ETF will trade under the ticker BHYP and offer 100% direct exposure to HYPE, the native token of Hyperliquid. The fund is also the first HYPE ETF to use Bitwise’s in-house staking infrastructure rather than relying on a third-party staking provider, according to the firm.

The ETF’s prospectus shows that the fund is expected to list on NYSE Arca under the ticker BHYP, with a primary objective of tracking the value of HYPE held by the trust and a secondary objective of generating additional HYPE through staking. The fund carries a 0.34% sponsor fee, which Bitwise will waive for one month on the first $500 million in assets.

Bitwise said the fund is designed to give investors a low-cost way to participate in Hyperliquid’s growth as one of the largest onchain trading platforms. Hyperliquid commands about 60% of global onchain perpetual DEX open interest, according to DeFiLlama data, and processes 200,000 orders per second.

The launch comes days after 21Shares debuted its own Hyperliquid ETF earlier this week, giving the market an early read on investor appetite for HYPE exposure through traditional brokerage accounts.

According to SoSoValue data, the 21Shares Hyperliquid ETF has processed more than $4.47 million in trading volume since launch, based on figures through the previous trading day. The fund has also posted cumulative net inflows of $2.52 million over the same period.

The first day of trading showed early demand for the product, with the 21Shares fund recording $1.8 million in volume and about $1.2 million in net inflows.

The Bitwise launch also comes as Coinbase announced earlier today that it will become the official treasury deployer of USDC on Hyperliquid.

Coinbase said it is expanding support for USDC on Hyperliquid by becoming the official treasury deployer of USDC as an Aligned Quote Asset, deepening the stablecoin’s role across the platform’s onchain capital markets infrastructure.

The move strengthens the relationship between Hyperliquid and one of the largest US crypto exchanges, while giving USDC a larger role in the platform’s trading ecosystem.

HYPE rose more than 15% on the day following the ETF and Coinbase news, reaching near $45 before paring part of the move.

The token was last trading near $43.80 at press time, holding most of the session’s gains as investors reacted to the combination of new ETF access, staking-based fund exposure, and deeper USDC integration.