Bitwise Hyperliquid ETF’s $40M Debut Was Share Turnover, Not New Investment

The Bitwise Hyperliquid ETF generated more than $40 million in trading volume during its opening three hours on October 29, 2026. That figure measures shares changing hands, not net new investment in the fund, which holds HYPE directly and stakes most of its tokens. Key takeaways BHYP trades on NYSE Arca and owns Hyperliquid’s native HYPE token. About 70% of holdings are staked, with monthly liquidity checks. Fee waivers reduce the fund’s net expense ratio to 0%. Bitwise Hyperliquid ETF passes $40 million in early trading The fund trades under the ticker BHYP on NYSE Arca . Its first three hours produced more than $40 million in share turnover, rather than an equivalent amount of fresh capital entering the portfolio.

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