Bitwise has launched a new fund that gives U.S. investors direct exposure to the Hyperliquid ecosystem's native token, HYPE. The product, listed on American exchanges under ticker BHYP, will also stake a portion of its holdings through Bitwise's in-house staking division, adding a yield component to the spot investment.
What BHYP offers
The fund is the first U.S.-listed vehicle dedicated to HYPE, the token powering Hyperliquid, a decentralized exchange and layer-1 blockchain. Unlike futures-based or synthetic products, BHYP holds actual HYPE tokens. That means the fund’s value tracks the token price directly, without the drag or complexity of rolling contracts.
Bitwise says the fund will stake a portion of its HYPE holdings via its own staking infrastructure. Staking involves locking tokens to help secure the network; in return, the fund earns additional HYPE tokens. Those rewards flow back into the fund, boosting its net asset value over time.
Why staking matters here
Staking is common in the crypto fund world, but it’s not universal. Some products avoid it because of operational headaches or regulatory uncertainty. By baking staking into BHYP, Bitwise is betting that investors want the extra yield without having to manage the technical side themselves.
The staking income will be reflected in the fund’s performance, though the exact percentage will depend on network conditions and the amount of HYPE staked. Bitwise hasn’t disclosed a target yield, but Hyperliquid’s staking rewards are determined by protocol economics and total participation.
What’s next for the fund
BHYP is available now on major U.S. brokerage platforms. The fund charges a management fee, which Bitwise lists in its prospectus. For investors eyeing the Hyperliquid ecosystem, BHYP offers a regulated, straightforward way to gain exposure without holding tokens directly or running staking software.
Whether the staking feature will attract institutional money or remain a niche offering is an open question. The fund’s first quarterly report, due in a few months, will show how much yield staking actually delivered.
