Bitwise’s Hyperliquid ETF begins NYSE trading this Friday under ticker BHYP, becoming the first U.S. fund to offer HYPE staking rewards
The Block •
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Promote with Leviathan News$2.9T in 2025 volume and ~60% of onchain derivatives OI make HYPE one of the few alt wrappers with actual fee-driven token mechanics behind it. If Bitwise stakes fund inventory while Hyperliquid keeps routing fees into the Assistance Fund buyback/burn, TradFi inflows are competing with a protocol bid that already behaves like a daily buyback desk. The tradeoff is stake and governance concentration: BHYP creates passive demand, but the validator weight sits with the issuer/custody stack instead of perps users.
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