Overview
- Bitwise’s BHYP began trading Friday on NYSE Arca, giving investors 100% spot exposure to HYPE through a brokerage-listed trust.
- The firm will stake the fund’s HYPE via its Bitwise Onchain Solutions unit, with a 0.34% sponsor fee after a first month at 0.00% on up to $500 million.
- HYPE rose roughly 13% to 15% to near $45 following Thursday’s Coinbase plan to deploy USDC as Hyperliquid’s official treasury asset and news of BHYP’s launch.
- 21Shares’ rival ETF, THYP, went live earlier in the week and has recorded about $4.47 million in volume and $2.52 million in net inflows, while Grayscale’s product remains under review.
- Investor interest tracks Hyperliquid’s scale, with about 60% of onchain perpetual DEX open interest and capacity of roughly 200,000 orders per second cited in recent data.