The new fund tracks HYPE token amid rising institutional demand and $5 billion USDC growth on Hyperliquid’s decentralized exchange.
Bitwise Asset Management launched a US-listed Hyperliquid fund offering staking rewards, targeting institutional investors. The fund tracks HYPE, the native token of the decentralized derivatives exchange Hyperliquid, which has seen surging adoption among asset managers and venture capital firms.
21Shares’ THYP Hyperliquid fund attracted $1.2 million in net inflows and $1.8 million in first-day trading volume. Andreessen Horowitz-linked wallets accumulated $67 million worth of HYPE in the past month, staking $51 million. Coinbase also designated USDC as Hyperliquid’s official treasury deployer, with the stablecoin’s supply reaching $5 billion since 2023.
The launch follows broader expansion in crypto derivatives, including Coinbase’s stock perpetual futures for non-US users and Kraken’s tokenized equity perpetuals. Grayscale awaits regulatory approval for its own Hyperliquid fund.