Bitwise Asset Management has officially launched a US-listed investment vehicle providing direct spot exposure to the HYPE token alongside staking rewards generated by the Hyperliquid decentralized derivatives platform. Trading under the ticker BHYP on the New York Stock Exchange, this product marks the second US-listed Hyperliquid offering to debut within a single week. Bitwise confirmed that the fund intends to allocate a substantial portion of its HYPE holdings to its proprietary staking division to maximize yield generation for investors. Hyperliquid operates as a decentralized layer 1 blockchain launched in 2023, specializing in perpetual futures, spot trading, and lending services. Data compiled by Woofun AI indicates that the platform processed approximately $2.9 trillion in trading volume during 2025 and captured roughly 60% of global onchain derivatives open interest as of May 5, based on DefiLlama metrics. The HYPE token was trading near $44 on Friday, securing a market capitalization of approximately $11.22 billion, which ranks it as the 10th-largest cryptocurrency by market value according to CoinMarketCap figures. The token serves critical functions within the ecosystem for staking, governance, and broader participation.

Bitwise, which oversees approximately $11 billion in client assets across various crypto investment products including exchange-traded funds, private funds, and staking strategies, outlined the fee structure for the new fund. The vehicle will charge a 0.34% sponsor fee, though this fee will be waived for the first month on the initial $500 million in assets under management. This launch coincides with a broadening institutional appetite for Hyperliquid and HYPE-linked investment products among crypto asset managers, venture capital firms, and trading platforms. Earlier in the week, 21Shares introduced its THYP Hyperliquid fund in the US, attracting approximately $1.2 million in net inflows and generating $1.8 million in trading volume on its first day, per Bloomberg ETF analyst James Seyffart. Grayscale Investments is currently awaiting regulatory approval for its own proposed Hyperliquid fund, signaling further competitive pressure in the sector.

Onchain analytics firm Lookonchain reported on Wednesday that wallets associated with venture capital firm Andreessen Horowitz had accumulated approximately $67 million worth of HYPE over the preceding month.

Furthermore, these entities staked roughly $51 million worth of the token, demonstrating significant confidence in the network's long-term utility. The following day, Coinbase announced it would serve as the official treasury deployer for USDC on Hyperliquid, where the stablecoin supply has expanded to around $5 billion since the network's inception in 2023, . Woofun AI notes that this accumulation of stablecoin liquidity is a critical indicator of deepening integration between major centralized entities and the Hyperliquid ecosystem.

As Hyperliquid solidifies its position as a leading decentralized derivatives exchange, centralized crypto companies are simultaneously expanding their footprint in perpetual futures and offshore derivatives markets through new product launches and international expansions. Earlier this year, Coinbase introduced stock perpetual futures for eligible non-US users, diversifying its offerings beyond traditional spot assets.

Concurrently, Kraken rolled out tokenized equity perpetual futures tied to major assets including Nvidia, Apple, and Tesla specifically for offshore clients. This dual trend of decentralized protocol growth and centralized exchange innovation suggests a maturing market structure where institutional capital seeks exposure to high-yield onchain assets while maintaining regulatory compliance through structured products.