TLDR
- Bitwise launched its HYPE ETF (BHYP) and is staking tokens in-house to boost returns for investors
- Grayscale filed its fourth amendment for a HYPE staking ETF (HYPG) and received Nasdaq certification
- Grayscale’s new filing includes a seed investment of roughly 2 million HYPE tokens, worth about $113 million
- Bitwise allocates 10% of management fees to buy HYPE tokens, aligning with the Hyperliquid community
- Regulatory risk remains, particularly around U.S. oversight of perpetual futures markets
Two major crypto asset managers are racing to give investors exposure to Hyperliquid, a decentralized exchange that has gained traction as a financial infrastructure platform.
Bitwise launched its HYPE ETF under the ticker BHYP and says investor interest has been strong since the product went live. The firm’s head of research, Ryan Rasmussen, said Bitwise stakes HYPE tokens in-house to maximize yield for ETF holders. The firm also puts 10% of management fees toward buying HYPE for its own balance sheet.
Grateful to announce that $BHYP is now the world’s largest HYPE ETF by AUM.*
– $62.9M in AUM
– Average daily volume: $19.8M
– Total inflows: $56.9M
– The only spot Hyperliquid ETF to stake assets in-house
– The only spot Hyperliquid ETF to publish the fund’s wallet addresses
-…— Bitwise (@Bitwise) May 27, 2026
Bitwise makes its wallet addresses public so investors can verify on-chain that the tokens are held as stated.
Grayscale Moves Closer to Launch
Grayscale filed its fourth amendment to an S-1 registration statement for its own HYPE product, called the Grayscale Hyperliquid Staking ETF. The fund will trade under the symbol HYPG.
Grayscale's Head of Research is bull-posting about Hyperliquid.@LowBeta, Head of Research at @Grayscale, shared his support for the @HyperliquidX ecosystem, simply posting on social media…
"It is time HYPE"
Hyperliquid has been one of few winners in the 2026 crypto market,… pic.twitter.com/t1oY0DjEti
— BSCN (@BSCNews) May 28, 2026
On May 27, Nasdaq confirmed it had received Grayscale’s Form 8-A filing and issued official notice to list and register the security. Bloomberg ETF analyst James Seyffart noted the update on social media, saying the product is “definitely getting closer to launch” but that no fee has been set yet.
The most notable change in the latest filing was a seed capital investment of roughly 2 million HYPE tokens, worth approximately $113 million, coming from Hyper Holdings Global LP.
The fund structure mirrors trends seen in spot Ethereum ETFs, where issuers have added staking rewards to regulated investment products. Grayscale says staking will only be allowed if it believes the arrangement complies with securities, tax, and regulatory requirements.
What Bitwise Says About Hyperliquid’s Future
Rasmussen said Hyperliquid could become one of the systems that traditional finance runs on in the future. He pointed to growth in perpetual futures, prediction markets, and spot trading as signs the platform is expanding.
He also cited tokenized equities, stablecoins, and 24/7 trading as long-term tailwinds for the platform. A recent partnership between Coinbase and Hyperliquid involving USDC liquidity was flagged as a sign of growing institutional interest.
Rasmussen highlighted that 99% of fees on Hyperliquid are used to buy and burn HYPE tokens, comparing the mechanism to stock buybacks.
Risks Remain
Rasmussen acknowledged that U.S. oversight of perpetual futures markets could create regulatory pressure. He also noted inflation concerns, Federal Reserve policy, and geopolitical tensions as risks for crypto broadly.
Traditional exchanges are reportedly pushing regulators to take a closer look at Hyperliquid as it competes with centralized platforms.
Rasmussen said financial advisors are increasingly asking about portfolio allocation and tokenization, rather than debating whether crypto has any long-term value.
