Bitwise Hyperliquid ETF to start trading on NYSE this Friday

The Bitwise Hyperliquid ETF will begin trading on the New York Stock Exchange under the ticker symbol BHYP on Friday, according to an announcement. The move comes on the heels of 21shares' Hyperliquid ETF (THYP) launched on Tuesday.

BHYP will offer Hyperliquid staking rewards through the company’s in-house staking division, Bitwise Onchain Solutions. 21shares has also said it plans to stake a significant share of its HYPE holdings.

Hyperliquid is the top onchain perps exchange, and an increasingly popular venue for trading tokenized commodities and spot crypto. Its native HYPE token is used for fees on the trading platform, and is consistently within the top 15 tokens by trading volume, according to The Block’s data.

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"Hyperliquid has emerged as one of the most compelling investment opportunities in crypto today," Bitwise Chief Investment Officer Matt Hougan said. "When geopolitical tensions spiked on a Sunday morning in February, and traditional markets were closed, the world turned to Hyperliquid for price discovery. Bloomberg cited its crude oil contract as the most relevant price in the market."

HYPE is up over 13% at publication time. Excluding stablecoins, it is the ninth-largest cryptocurrency by market capitalization, at $10.5 billion, according to The Block's data.

Bitwise was the first asset manager to file a Form S-1 to list a Hyperliquid ETF in September, followed quickly by 21shares and later Grayscale.

The company noted BHYP is not an investment company registered under the Investment Company Act of 1940, "and therefore is not subject to the same protections as ETFs and mutual funds." It will carry 0.34% sponsor fee, set at 0% for the first month on the fund’s first $500 million in assets.

The first Hyperliquid fund to list, 21shares' THYP, garnered $1.8 million in trading volume on its first day, The Block reported on Tuesday. 21shares Director of Capital Markets Michael Friedman told The Block "THYP had its best day yet" on Thursday, with $8.1 million in traded value and net inflows of about $4.9 million. 

Friedman noted this was likely due to Coinbase's announcement earlier in the day that it would become the platform's official treasury deployer for USDC as Hyperliquid phases out its native USDH stablecoin.

Editor's note: Adds 21shares' Thursday flows, notes it offered staking rewards at launch.