Bitwise and Grayscale Compete to Launch Hyperliquid (HYPE) ETFs with Staking Features

Key Highlights

Table of Contents

Bitwise has brought its HYPE ETF (BHYP) to market and stakes tokens internally to enhance investor returns
Grayscale submitted its fourth S-1 amendment for a HYPE staking ETF (HYPG) and secured Nasdaq certification
Grayscale’s updated filing discloses seed capital of approximately 2 million HYPE tokens valued at around $113 million
Bitwise commits 10% of its management fees toward purchasing HYPE tokens, demonstrating community alignment
Regulatory challenges persist, especially concerning U.S. supervision of perpetual futures trading venues

Two prominent cryptocurrency asset management firms are competing to provide investors access to Hyperliquid, a decentralized trading platform that has emerged as a significant financial infrastructure player.

Bitwise has introduced its HYPE ETF trading under BHYP, reporting robust investor demand following the launch. Ryan Rasmussen, the firm’s head of research, explained that Bitwise conducts in-house staking of HYPE tokens to generate maximum returns for ETF participants. Additionally, the company dedicates 10% of its management fees to acquiring HYPE for its corporate treasury.

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 publicly discloses its wallet addresses, enabling investors to independently confirm on-chain that tokens are secured as represented.

Grayscale Approaches Product Debut

Grayscale has submitted its fourth amendment to an S-1 registration document for its competing HYPE offering, named the Grayscale Hyperliquid Staking ETF. This fund will operate under the ticker 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 validated receipt of Grayscale’s Form 8-A submission and published formal notification to list and register the investment vehicle. Bloomberg ETF specialist James Seyffart highlighted the development on social platforms, indicating the product is “definitely getting closer to launch” while noting that no fee structure has been finalized.

The most significant modification in the recent filing involves seed funding of approximately 2 million HYPE tokens, valued at roughly $113 million, provided by Hyper Holdings Global LP.

The fund architecture reflects patterns observed in spot Ethereum ETFs, where providers have incorporated staking income into regulated investment vehicles. Grayscale states that staking will only proceed if management determines the setup satisfies securities, tax, and regulatory standards.

Bitwise’s Perspective on Hyperliquid’s Trajectory

Rasmussen suggested that Hyperliquid may evolve into infrastructure that underpins traditional financial systems. He referenced expansion in perpetual futures contracts, prediction markets, and spot exchange activity as evidence of platform growth.

He also identified tokenized securities, stablecoins, and continuous trading as long-term catalysts for the ecosystem. A recent collaboration between Coinbase and Hyperliquid focused on USDC liquidity was interpreted as indication of mounting institutional engagement.

Rasmussen emphasized that 99% of platform fees on Hyperliquid fund token buybacks and burns, drawing parallels to corporate share repurchase programs.

Potential Headwinds

Rasmussen recognized that U.S. regulatory scrutiny of perpetual futures platforms could generate compliance challenges. He also identified inflation dynamics, Federal Reserve monetary policy, and international conflicts as broader risks affecting cryptocurrency markets.

Centralized exchanges are allegedly encouraging regulators to examine Hyperliquid more closely as it presents competition to established platforms.

Rasmussen observed that financial advisors are increasingly inquiring about asset allocation strategies and tokenization applications, moving beyond fundamental debates about cryptocurrency’s lasting relevance.