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\n\t\t\t\t\t\t\t\t\tThe launch comes only days after another HYPE ETF, 21Shares’ THYP, started trading, racking up $1.8M on its debut.\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
Asset manager Bitwise is set to launch an exchange-traded fund tracking Hyperliquid\u2019s native HYPE token.<\/p>\n
The ETF will start trading on May 15 under the ticker BHYP on the New York Stock Exchange (NYSE).<\/p>\n
Bitwise said<\/a> that BHYP is the first HYPE ETF to use an in-house staking infrastructure, with the firm adding that the fund was designed to give investors a convenient and low-cost way to participate in Hyperliquid\u2019s growth.\u00a0Reacting to the development, Galaxy\u2019s head of DeFi, Marc Antonio, wrote<\/a>, \u201cDamn Matt Hougan and Bitwise are cooking.\u201d<\/p>\n DeFi Llama data shows<\/a> that Hyperliquid makes up about 60% of global on-chain perpetual DEX open interest, with the network being capable of processing up to 200,000 orders per second while maintaining a strong reliability track record. Bitwise believes that because of this, the platform is on the road to becoming one of the biggest beneficiaries as capital markets continue moving on-chain.<\/p>\n Matt Hougan, Chief Investment Officer at Bitwise, said the chain proved its relevance during a period of geopolitical tensions earlier this year, when traditional markets were closed, and traders turned to it for price discovery.<\/p>\n \u201cHyperliquid has emerged as one of the most compelling investment opportunities in crypto today,\u201d said Hougan.<\/p>\n<\/blockquote>\n Additionally, Hype has risen to become the tenth largest crypto asset in the world since launching two years ago, with a market cap of over $11 billion.<\/p>\n \u201cHyperliquid\u2019s token is explicitly designed so that rising trading activity on the Hyperliquid platform directly benefits token holders. This has translated into historically strong returns,\u201d he added.<\/p>\n<\/blockquote>\n The fund\u2019s prospectus shows that BHYP carries a 0.34% sponsor fee, which Bitwise plans to waive for the first month on the first $500 million in assets. The company also clarified that the product hasn\u2019t been registered as an investment firm, meaning it doesn\u2019t have the same protections as ETFs and mutual funds.<\/p>\n\n
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Bitwise Shares Fees<\/h2>\n
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