Hyperliquid-linked ETFs are rapidly evolving into one of Wall Street’s newest crypto infrastructure trades, as issuers race to launch products tied to the fast-growing decentralized derivatives ecosystem.
Kam Benbrik, Head of Research at Bitwise Asset Management’s Bitwise Onchain Solutions division, says the story is no longer just about token exposure — it is increasingly about gaining access to verifiable, real-time on-chain financial activity.
“Having a fully onchain order book means that every order and trade is recorded directly on the blockchain,” Benbrik said. “There is no off-chain matching engine and no operator that can reorder or delay transactions in the background.”
That distinction is becoming central to the growing wave of Hyperliquid ETF launches. Earlier this month, Bitwise launched the Bitwise Hyperliquid ETF (NYSE:BHYP), one of the first U.S.-listed spot Hyperliquid products and the first to integrate in-house staking through Bitwise Onchain Solutions.
The launch followed 21Shares‘ rollout of two Hyperliquid-linked funds: the 21Shares Hyperliquid ETF (NASDAQ:THYP), which provides spot HYPE exposure with staking rewards, and the leveraged 21Shares 2x Long HYPE ETF (NASDAQ:TXXH). Reports also suggest firms, including Grayscale, have filed competing products as issuers rush to establish an early lead in what is quickly becoming one of crypto ETFs’ fastest-growing niches.
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