Less than two years after its debut, Hyperliquid's native token has risen to become the tenth-largest crypto asset in the world, with a market cap of more than $11 billion.

SAN FRANCISCO , May 14, 2026 /PRNewswire/ -- Bitwise Asset Management, the global crypto asset manager with $11 billion in client assets (as of April 1, 2026), today announced the launch of the Bitwise Hyperliquid ETF (NYSE: BHYP). BHYP is among the first spot Hyperliquid ETPs in the U.S. and the first to offer in-house staking. Bitwise intends to stake the Fund's Hyperliquid (HYPE) holdings through its in-house staking division, Bitwise Onchain Solutions.¹

The Bitwise Hyperliquid ETF (BHYP or the "Fund") is not suitable for all investors. An investment in BHYP is subject to a high degree of risk, has the potential for significant volatility, and could result in significant or complete loss of investment. BHYP is not an investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act") and therefore is not subject to the same protections as ETFs and mutual funds registered under the 1940 Act. An investment in BHYP is not the same as a direct investment in the Hyperliquid token (HYPE). Past performance is not indicative of future results.

Hyperliquid is a high-performance Layer 1 blockchain built for onchain trading and decentralized finance. Best known for its perpetual futures exchange, Hyperliquid saw $2.9 trillion in trading volume in 2025, an increase of more than 400% from the prior year.² The platform commands approximately 60% of all onchain derivative open interest globally³ and processes approximately 200,000 orders per second,⁴ giving traders fast, transparent, and secure access to financial markets while managing custody risk.

"Hyperliquid has emerged as one of the most compelling investment opportunities in crypto today," said Matt Hougan, Chief Investment Officer of Bitwise. "When geopolitical tensions spiked on a Sunday morning in February, and traditional markets were closed, the world turned to Hyperliquid for price discovery. Bloomberg cited its crude oil contract as the most relevant price in the market. That moment underscored what the data already showed: Hyperliquid has built serious, durable infrastructure for the onchain economy—and indeed the economy in general. BHYP is designed to give investors convenient exposure to that potential, with the added benefit of in-house staking to seek to maximize returns."

In addition to perpetual futures, Hyperliquid supports spot trading, borrowing, lending, and a full Ethereum-compatible smart contract environment (HyperEVM), making it one of the most comprehensive decentralized trading ecosystems in crypto. Its native token, HYPE, has risen to become the tenth-largest crypto asset in the world after less than two years of trading, with a market cap of over $11 billion.⁵ HYPE is used for staking, governance, and ecosystem participation.

"Hyperliquid's token is explicitly designed so that rising trading activity on the Hyperliquid platform directly benefits token holders," said Hougan. "This has translated into historically strong returns. We think it's one of the most exciting assets in crypto."

The Bitwise Hyperliquid ETF will begin trading on NYSE on May 15, 2026, with the ticker BHYP. The Sponsor Fee will be 0.34%, with the fee set at 0% for the first month on the Fund's first $500M in assets.⁶

About Bitwise
Bitwise Asset Management is a global crypto asset manager with $11 billion in client assets and a suite of over 70 investment products spanning ETFs, separately managed accounts, private funds, hedge fund strategies, and staking. The firm has an eight-year track record and today serves more than 5,000 private wealth teams, RIAs, family offices, and institutional investors, as well as 21 banks and broker-dealers. The Bitwise team of over 200 technology and investment professionals is backed by leading institutional investors and has offices in San Francisco, New York, and London.

Notes
(1) Bitwise is the only Hyperliquid ETP sponsor to utilize its own infrastructure to stake HYPE, rather than using a third-party provider.
(2) Source: DefiLlama as of May 14, 2026.
(3) Source: DefiLlama as of May 14, 2026.
(4) Source: Chainspect as of May 14, 2026.
(5) Source: CoinMarketCap as of May 14, 2026.
(6) For a period of one month commencing on the day the Shares are initially listed on the Exchange, the Sponsor has agreed to waive the entire Sponsor Fee on the first $500 million of Trust assets. Additional expenses such as brokerage and commission fees may apply.

RISKS AND IMPORTANT INFORMATION

This material must be accompanied by a prospectus. Please read the prospectus carefully before investing. To obtain a current prospectus visit bhypetf.com/welcome.

The amount of HYPE represented by a Share will continue to be reduced during the life of the Fund due to the transfer of the Fund's HYPE to pay for the Sponsor's management fee, and to pay for litigation expenses or other extraordinary expenses. This dynamic will occur irrespective of whether the trading price of the Shares rises or falls in response to changes in the price of HYPE.

There is no guarantee or assurance that the Fund's methodology will result in the Fund achieving positive investment returns or outperforming other investment products. Investors may choose to use the Fund as a means of investing indirectly in HYPE. Because the value of the Shares is correlated with the value of the HYPE held by the Fund, it is important to understand the investment attributes of, and the market for, HYPE.

HYPE Risk. There are significant risks and hazards inherent in the HYPE market that may cause the price of HYPE to fluctuate widely. The Fund's HYPE may be subject to loss, damage, theft or restriction on access. Investors considering a purchase of Shares should carefully consider how much of their total assets should be exposed to the HYPE market, and should fully understand, be willing to assume, and have the financial resources necessary to withstand the risks involved in the Fund's investment strategy.

Liquidity Risk. The market for HYPE is still developing and may be subject to periods of illiquidity. During such times it may be difficult or impossible to buy or sell a position at the desired price. Possible illiquid markets may exacerbate losses or increase the variability between the Fund's NAV and its market price. The lack of active trading markets for the Shares may result in losses on investors' investments at the time of disposition of Shares.

Regulatory Risk. Future and current regulations by a U.S. or foreign government or quasi-governmental agency could have an adverse effect on an investment in the Fund.

Blockchain Technology Risk. Certain of the Fund's investments may be subject to the risks associated with investing in blockchain technology. The risks associated with blockchain technology may not fully emerge until the technology is widely used. Blockchain systems could be vulnerable to fraud, particularly if a significant minority of participants colluded to defraud the rest. Because blockchain technology systems may operate across many national boundaries and regulatory jurisdictions, it is possible that blockchain technology may be subject to widespread and inconsistent regulation.

Staking Risk. The Trust intends to implement a staking program under which a significant portion of the Trust's HYPE will be staked. While staking HYPE offers the potential for the Trust to earn rewards in the form of additional HYPE tokens, it also exposes the Trust to several risks, such as loss of rewards, slashing penalties, and operational uncertainties. Staking activities could impair the ability to satisfy redemption orders on a timely basis. Potential staking rewards are earned by the Fund and not issued directly to investors. Staking rewards are not guaranteed and are subject to change.

Nondiversification Risk. The Fund is nondiversified and will hold a single issue. As a result, a decline in the market value of a particular issue held by the Fund may affect the Fund's value more than if it invested in a larger number of issuers.

Recency Risk. The Fund is recently organized, giving prospective investors a limited track record on which to base their investment decision. If the Fund is not profitable, the Fund may terminate and liquidate at a time that is disadvantageous to Shareholders.

Bitwise Investment Advisers, LLC serves as the sponsor of the Fund. Foreside Fund Services, LLC serves as the Marketing Agent for BHYP, and is not affiliated with Bitwise Investment Advisers, LLC, Bitwise, or any of its affiliates.

Media Contact:
Tova Kaufmann
pr@bitwiseinvestments.com

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SOURCE Bitwise Asset Management