Overview
- Bitwise’s BHYP started trading Friday on NYSE Arca, offering direct HYPE exposure with in-house staking and a 0.34% sponsor fee that is waived for the first month on the first $500 million.
- 21Shares launched THYP on Nasdaq on Tuesday as the first U.S. spot HYPE fund, recording about $1.8 million in first-day volume and early net inflows.
- Coinbase disclosed Thursday it will serve as Hyperliquid’s USDC treasury deployer, replacing USDH and channeling stablecoin reserve yield to HYPE buybacks, while Circle committed 500,000 HYPE to support validators.
- HYPE jumped about 21% to roughly $46.6 following the ETF launches and the Coinbase–Circle plan, with daily trading volume topping $700 million before a brief pullback on regulatory headlines.
- Reports Friday said CME Group and the New York Stock Exchange asked U.S. authorities to scrutinize Hyperliquid for manipulation and sanctions-evasion risks, highlighting rising compliance pressure on a venue that handles about 60% of on-chain perpetual DEX open interest.