Bitwise to List BHYP ETF Friday After Coinbase-USDC Tie-Up

Bitwise will list the Hyperliquid ETF on Friday on NYSE Arca under the ticker BHYP. The fund’s primary objective is to track the value of spot HYPE held in the trust; a secondary objective is to generate additional HYPE through staking, according to the prospectus.

The prospectus shows the fund will offer 100% direct exposure to HYPE and use Bitwise’s internal staking infrastructure rather than a third‑party staking provider. The sponsor fee is 0.34%, with Bitwise waiving the fee for one month on the first $500 million in assets.

The launch follows an earlier Hyperliquid ETF debut this week by another issuer, which provided an initial read on demand through traditional brokerage channels. Data through the previous trading day showed that fund processed about $4.47 million in trading volume and recorded cumulative net inflows of roughly $2.52 million since its launch, with the first day reporting about $1.8 million in volume and $1.2 million in net inflows.

Coinbase announced it will serve as the official treasury deployer of USDC on Hyperliquid, adding USDC as an Aligned Quote Asset on the platform. The arrangement expands support for USDC across Hyperliquid’s onchain capital markets infrastructure and formalizes a relationship between the exchange and the trading venue.

Market prices moved after the two announcements. HYPE rose more than 15% on the day the ETF listing and Coinbase news were public, reaching near $45 before pulling back; it traded around $43.80 at the time of reporting.

Protocol data cited by market participants indicate Hyperliquid accounts for about 60% of global onchain perpetual DEX open interest and can process roughly 200,000 orders per second.

The Bitwise filing says the ETF is intended to let investors gain exposure to HYPE without holding the token directly, while consolidating custody and rewards operations within Bitwise’s infrastructure.

Market participants will monitor early trading flows in BHYP to gauge investor demand for a brokerage‑accessible HYPE product that includes staking rewards.