Bitwise started trading its spot Hyperliquid ETF on the New York Stock Exchange on May 15 under the ticker BHYP, ending a multi-firm race that had three issuers filing for the same product since late 2025. It is the first spot Hyperliquid exchange-traded product available to US investors, and the first anywhere to stake the underlying HYPE tokens through the sponsor’s own infrastructure rather than a third party. HYPE is now the 10th-largest crypto asset by market capitalization, sitting near $11 billion despite less than two years of trading history.

The filing that started this was already covered. What changed on May 15 is that the fund went live, and the structure Bitwise chose tells you how the firm intends to win the category….