Bitwise brought a new crypto fund to the New York Stock Exchange this week. The BHYP fund gives investors exposure to Hyperliquid's HYPE token — and includes the staking rewards that come with holding it. The launch lands as institutional interest in crypto products keeps climbing, and fund providers race to put tokens on traditional exchanges.
The BHYP fund
The fund trades under the ticker BHYP on NYSE. It's structured to track HYPE, the native token of the Hyperliquid ecosystem, while also capturing staking yield. Bitwise hasn't disclosed the exact staking mechanism or fee structure, but the product is aimed at advisors and institutions that want crypto exposure without managing wallets or validators themselves.
This isn't Bitwise's first listed product — the firm already runs crypto index funds and bitcoin ETFs. But HYPE isn't bitcoin. It's a newer token tied to a decentralized trading platform, which means the fund takes on more protocol-specific risk. Still, the move signals that asset managers see enough demand to build products around altcoins, not just the top two by market cap.
Staking rewards angle
The staking component sets BHYP apart from most existing single-token ETPs. Most crypto funds simply hold the asset; BHYP will collect and distribute staking rewards to holders. That could make it more attractive in a low-yield environment, but it also adds operational complexity. Bitwise will need to manage validator nodes or outsource that work — a step most ETF providers have avoided until now.
Whether the fund gathers meaningful assets will depend on how comfortable institutions are with Hyperliquid's security and liquidity. Bitwise is betting they're ready.
