Bitwise Hyperliquid ETF
Bitwise Hyperliquid ETF is a U.S.-listed exchange-traded product that holds Hyperliquid and seeks to provide investors with exposure to its value through shares traded on NYSE Arca under the ticker BHYP. The Trust is sponsored and managed by Bitwise Investment Advisers, LLC, uses a CME CF Hyperliquid–Dollar Reference Rate for NAV pricing, and may earn additional Hyperliquid through staking.
Business
Share of revenueShares provide brokerage-account access to the value of Hyperliquid held by the Trust.
The Trust stakes Hyperliquid through a validator and receives net staking rewards.
The ETF structure supports creation, redemption, custody, valuation, and exchange trading.
Customers
The primary customers are investors seeking Hyperliquid exposure through a conventional brokerage account rather than directly acquiring and safeguarding the digital asset. Institutional Authorized Participants and liquidity providers support share creations and redemptions by delivering or receiving Hyperliquid, while exchange-based investors trade BHYP shares in the secondary market. The structure is also designed for investors implementing strategic or tactical digital-asset allocation strategies without using derivatives.
Buy BHYP shares to obtain Hyperliquid exposure without directly managing wallets or digital-asset transactions.
Use the exchange-traded structure for strategic or tactical exposure within existing investment accounts.
Create and redeem shares by transferring Hyperliquid or receiving the underlying asset.
Provide Hyperliquid and market liquidity for primary-market activity and ETF trading.
Strategy
The Trust’s strategy is to provide exchange-traded access to Hyperliquid while avoiding the operational barriers of direct ownership, including direct trading and asset custody. It holds the underlying digital asset rather than using derivatives, and seeks incremental asset accumulation through staking. Principal-market selection and standardized benchmark pricing are intended to support consistent daily NAV calculation and reliable secondary-market access.
The ETF structure reduces direct custody and trading barriers for investors.
Staking can increase the Trust's Hyperliquid holdings beyond market appreciation.
A defined benchmark and principal-market process support daily NAV determination.
Geography
The Trust is a U.S.-organized investment vehicle whose shares trade on NYSE Arca and whose NAV is calculated in U.S. dollars. Its operations depend on U.S.-accessible digital-asset markets, with Lukka identifying eligible markets and selecting a principal market based on trading volume, activity, and price stability. The Trust does not itself transact on digital-asset markets; Authorized Participants and liquidity providers conduct the relevant market transactions.
Risks
The Trust’s value is concentrated in Hyperliquid, so sharp digital-asset price declines, weak trading liquidity, market manipulation, or changes to the Hyperliquid Network could materially reduce NAV and trading appeal. Its operating model also depends on Authorized Participants, liquidity providers, custodians, validators, exchanges, the benchmark provider, and other service providers. Valuation differences between the benchmark, principal-market pricing, and secondary-market prices can create NAV discrepancies, while staking introduces validator, network, and reward risks.
The Trust primarily holds one digital asset, leaving NAV highly sensitive to its price and network adoption.
Exposure: Underlying asset value
Rapid price changes can create substantial NAV movements and secondary-market premiums or discounts.
Exposure: NAV and share trading
Reduced volume or unstable pricing can make valuation and creations or redemptions more difficult.
Exposure: Digital-asset markets
Validator failure, network disruption, slashing, or protocol changes could reduce expected staking rewards or assets.
Exposure: Staked Hyperliquid
The Trust relies on Bitwise, Lukka, CF Benchmarks, custodians, exchanges, APs, and liquidity providers.
Exposure: Fund operations and valuation
Changes affecting digital assets, staking, exchanges, or exchange-traded products could impair operations or demand.
Exposure: U.S. digital-asset regulation
Accounting
Judgemental itemsHyperliquid is measured at fair value, with principal-market selection and market inputs affecting NAV and investment gains.
Impact: Reported assets, NAV, and realized or unrealized gains can change materially with market prices.
The CME CF Hyperliquid–Dollar Reference Rate determines the Trust's standard NAV valuation at 4:00 p.m. Eastern time.
Impact: Benchmark methodology and constituent-market data affect daily NAV.
ASC 820 requires valuation using the principal market, or most advantageous market when no principal market exists.
Impact: Principal-market NAV may differ from the standard benchmark-based NAV.
Rewards are non-cash Hyperliquid consideration and are recognized net of the validator's retained amount.
Impact: Investment income and Hyperliquid holdings reflect only the Trust's net entitlement.
The fee is based on Hyperliquid holdings rather than a fixed dollar amount.
Impact: Fee expense changes with the value and quantity of underlying holdings.
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Last updated: 08/09/2026