TLDR Tech / Crypto
Bitwise Launches HYPE ETF
Bitwise listed the Spot Hyperliquid ETF (ticker: BHYP) on NYSE on May 15, the first US spot Hyperliquid ETP to include in-house staking, with a 0.34% sponsor fee waived to 0% for the first month on the fund's initial $500M in assets. Bitwise CIO Matt Hougan categorizes HYPE as a "Gen 2" token, arguing investors misprice it as a crypto perpetual futures exchange when it should be assessed as a global trading platform, noting the token is up 77% year-to-date and still the best-performing large-cap crypto asset of 2026. Bitwise estimates Hyperliquid generates $800M to $1B in annualized revenue, and the token trades at 10-14x its buyback stream, in line with Robinhood and CME Group multiples, supported by the protocol directing 99% of trading fees toward HYPE repurchases. Hyperliquid is extending its platform beyond crypto derivatives into equities, commodities, foreign exchange, and prediction markets, broadening the addressable revenue base underpinning that buyback mechanism.
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