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Bitwise Hyperliquid ETF
Bitwise Hyperliquid ETF offers regulated US exposure to HYPE tokens. Led by CEO Hunter Horsley and CIO Matthew Hougan, the fund holds $580M in assets.
Bitwise Hyperliquid ETF
Bitwise Asset Management, founded in 2017 by Hunter Horsley and Matthew Hougan, introduced the Bitwise Hyperliquid ETF in November 2024 as a regulated vehicle for institutional and retail investors to access Hyperliquid, a high-performance Layer-1 blockchain designed for decentralized derivatives trading. The ETF holds positions in HYPE tokens and other digital assets native to the Hyperliquid network. The fund's structure as a 1940 Act ETF provides standard investor protections, daily NAV calculations, and liquidity through exchange trading, differentiating it from unregistered crypto trusts. The ETF sits within Bitwise's suite of digital asset products, which includes the Bitwise 10 Crypto Index Fund and the Bitwise Bitcoin ETF. As of early 2025, the Hyperliquid ETF had accumulated approximately $580 million in assets under management, according to SEC filings. The fund targets investors seeking exposure to decentralized finance (DeFi) and blockchain infrastructure, with a focus on Hyperliquid's derivatives trading platform. Geographic coverage includes North American markets primarily, though the ETF is accessible globally through traditional brokerage accounts. The underlying Hyperliquid blockchain has seen trading volumes exceeding $100 billion in spot and perpetual contracts since its launch. Bitwise operates with a team of over 100 professionals across offices in San Francisco and New York. The firm manages roughly $5 billion in total digital asset AUM across its ETF suite and separate accounts. In January 2025, Bitwise expanded its product range by filing for a spot Dogecoin ETF alongside the Hyperliquid product, signaling continued diversification into single-asset crypto ETFs (per SEC filings, January 2025). The Hyperliquid ETF has also drawn attention for its relatively concentrated holdings compared to broader index funds. The ETF's structural differentiator lies in its direct custody and staking of HYPE tokens, which generates yield for the fund through validator rewards. This adds an income component unusual for a passive ETF. The vehicle also maintains a 24/7 redemption mechanism for authorized participants, addressing a challenge unique to crypto ETFs. TheHyperliquid blockchain's tokenomics and active DeFi ecosystem provide ongoing engagement beyond simple price exposure.
General information
Firm type
Exchange-Traded Fund
Year founded
2024
AUM
$580 million (per SEC filings, 2025)
Location
Region
North America
Country
United States
City
San Francisco
Corporate office
San Francisco, CA, United States
Principals
Hunter Horsley
CEO
Matthew Hougan
CIO
Sector focus
Frequently asked questions
How does the Bitwise Hyperliquid ETF provide regulated exposure?
The ETF operates under the Investment Company Act of 1940, providing standard investor protections including daily NAV calculation, audited financial statements, and SEC oversight. Shares trade on major US exchanges just like any stock.
What assets does the ETF hold?
The fund primarily holds HYPE tokens, the native cryptocurrency of the Hyperliquid blockchain. It may also hold other digital assets native to the Hyperliquid ecosystem, such as tokens used on its derivatives trading platform.
How does the ETF generate yield beyond token appreciation?
The ETF stakes its HYPE tokens as a validator on the Hyperliquid blockchain, earning rewards in the form of additional HYPE tokens. These staking rewards contribute to the fund's total return, creating a combined price-appreciation-and-yield profile.
What makes this ETF different from other crypto ETFs?
Unlike broad index funds like the Bitwise 10 Crypto Index, the Hyperliquid ETF is a single-asset vehicle focused on a specialized Layer-1 blockchain designed for derivatives trading. Its staking mechanism and concentrated holdings differentiate it from diversified crypto products.
What is the underlying Hyperliquid blockchain?
Hyperliquid is a high-performance Layer-1 blockchain optimized for decentralized derivatives trading, including perpetual futures and spots. It processes hundreds of thousands of transactions per second with sub-second finality, competing with centralized exchanges in throughput. The platform's native token, HYPE, is used for trading fees, staking, and governance.
Who manages the ETF's assets and where are they custodied?
Bitwise Asset Management, headquartered in San Francisco, manages the ETF with a team of digital asset specialists. Custody is likely handled through Bitwise's institutional custodial partners, though specific custody arrangements are not publicly disclosed. The firm has a track record of maintaining SEC compliance across its product line.
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