Bitwise Europe GmbH launched the Bitwise Hyperliquid Staking ETP on Deutsche Börse Xetra on Thursday, giving investors exchange-traded exposure to HYPE, the native token of blockchain-based derivatives venue Hyperliquid, while targeting staking-related returns.
The product is Bitwise’s seventh institutional-grade staking ETP in Europe and arrives six weeks after CoinShares listed a competing Hyperliquid staking ETP on the same exchange. The overlap signals that issuers now see HYPE as a repeatable ETP theme, not a niche protocol bet.
Product economics
BHYP carries a total expense ratio of 0.85% per year and advertises a target net staking reward of 1%, according to Bitwise’s announcement. The ETP is fully backed by HYPE tokens held in cold storage and tracks the Kaiko HYPE Reference Rate LDNLF index.
Staking rewards accrue daily and are reflected in each unit’s cryptocurrency entitlement, with Bitwise retaining 33% of total staking rewards to cover operational costs of maintaining the staking infrastructure. The company cautions that the staking rate can vary depending on network conditions and is not a guarantee of future returns.
Investors can buy and sell the product through a standard brokerage account without needing a crypto wallet or managing on-chain staking directly.
CoinShares comparison
CoinShares launched its own Hyperliquid Staking ETP on Xetra on 24 February. That product charges a 0% management fee and offers a 0.5% annual yield, while also being 100% physically backed by HYPE.
Bitwise’s 0.85% TER sits above CoinShares’ zero-fee structure, though Bitwise targets a higher net staking reward at 1% versus 0.5%. Distribution desks and allocators comparing the two will weigh net yield after fees against issuer preference, product structure, and counterparty considerations.
CoinShares said in February that Hyperliquid had processed over $3 trillion in trading volume and captured roughly 70% of on-chain perpetual futures market share. That context frames what both issuers are selling: exposure to a trading protocol, not simply another token.
Hyperliquid is a blockchain-based derivatives trading platform built around a fully on-chain order book and execution system. It handles perpetual futures and has grown in volume and user activity over the past year as an alternative to centralised trading venues.
Both Bitwise and CoinShares have positioned their products around that infrastructure angle, framing HYPE as an investable proxy for on-chain market structure rather than a speculative altcoin.
Bitwise’s positioning
Bitwise Europe head Bradley Duke said the launch extends the firm’s existing staking strategy into an evolving segment of blockchain market infrastructure.
“Hyperliquid has emerged as a notable on-chain trading venue, particularly in derivatives, combining high performance with transparency. Its fully on-chain order book and execution model differentiate it not only from traditional exchanges, but also from other crypto platforms,” Duke said.
BHYP is the seventh product in Bitwise’s European Total Return suite, which bundles token exposure with staking yield in exchange-traded wrappers. BHYP is Bitwise’s seventh product in the suite, extending staking ETP coverage beyond the major proof-of-stake tokens like Ethereum and Solana.
Two issuers have now listed Hyperliquid staking ETPs on Xetra within six weeks of each other, signaling competition on fees and yield terms. Hyperliquid has moved from protocol-native interest to regulated distribution.
