Bitwise's Hyperliquid ETF (BHYP) now controls $166.3 million in HYPE tokens, establishing itself as the largest HYPE fund globally by tracked holdings. The fund executed a $10.5 million HYPE purchase on Friday, September 4, marking its return to buying after a four-day pause. This follows BHYP's largest single-day purchase of $23.2 million on August 27.
Bitwise Asset Management launched BHYP on May 14, 2026, listing it on the NYSE as one of the first spot Hyperliquid ETPs available in the U.S. The fund integrates an in-house staking mechanism for HYPE holdings through Bitwise Onchain Solutions. Bitwise manages $11 billion in client assets as of April 1, 2026.
Hyperliquid is a Layer 1 blockchain purpose-built for on-chain trading and decentralized finance. Its perpetual futures exchange recorded $2.9 trillion in trading volume during 2025—a 400 percent increase from 2024. The platform commands approximately 60 percent of all on-chain derivative open interest globally and processes about 200,000 orders per second. Beyond perpetuals, Hyperliquid supports spot trading, borrowing, lending, and a full Ethereum-compatible smart contract environment called HyperEVM.
HYPE, the network's native token, is now the tenth-largest crypto asset globally with a market capitalization exceeding $11 billion—achieved in less than two years of active trading. The token powers staking, governance, and ecosystem participation, with its design directly linking token holder benefits to rising trading activity on the platform.
Matt Hougan, Bitwise Chief Investment Officer, called Hyperliquid one of the most compelling investment opportunities in crypto. In February, when traditional markets were closed during geopolitical tensions, Hyperliquid provided real-time price discovery; its crude oil contract as the most relevant market price.
Bitwise initially accumulated nearly $19.7 million worth of HYPE tokens, as shown by blockchain data publicly revealed on May 21, 2026, and promptly staked the holdings. BHYP debuted with a 0.34 percent sponsor fee, temporarily waived to zero percent on the first $500 million in assets under management for the opening month. The fund previously surpassed $62.9 million in AUM, establishing it as the largest HYPE fund at that time.
Investors should note that BHYP is not registered under the Investment Company Act of 1940 and therefore lacks the same regulatory protections afforded to registered ETFs and mutual funds. An investment in BHYP carries high risk, significant volatility potential, and could result in partial or complete loss of capital. An investment in BHYP does not equate to direct investment in the underlying HYPE token.
