BHYP vs XRP

BHYPBBitwise Hyperliquid ETF

XRPABitwise XRP ETF

In short

BHYP Spot Hyperliquid in a brokerage account, with a twist: Bitwise stakes the trust's HYPE on its own infrastructure instead of renting a third-party validator. One of the first US Hyperliquid ETFs, launched in 2026.

XRP Bitwise won the naming fight: its spot fund trades under the coin's own ticker. Underneath it is plain plumbing, XRP in cold storage at Coinbase, priced off a CME CF reference rate, one all-in 0.34% fee.

Stated mandate

BHYP The fund seeks exposure to the value of Hyperliquid held by the Trust, after expenses and liabilities, and also seeks additional Hyperliquid through staking.

XRP The Fund holds spot XRP to give investors indirect exposure to XRP through exchange-traded shares.

Why people hold it

• BHYP Bitwise says it is the only Hyperliquid ETP sponsor that stakes HYPE through its own operation (Bitwise Onchain Solutions) rather than a third-party provider.bitwiseinvestments.com
• Two jobs, one wrapper: exposure to the HYPE the trust holds after expenses, plus additional HYPE sought through staking, inside a grantor trust that trades like a stock.
• The 0.34% sponsor fee sits right around the middle of the spot crypto pack, and the fund arrived in the first wave of US Hyperliquid ETPs.bitwiseinvestments.com
• Among the stronger implementations in a Hyperliquid field that got crowded fast, on cost and risk marks together.

• XRP One unitary 0.34% sponsor fee, with the sponsor covering most routine operating expenses. That undercuts Canary's XRPC (0.50%) for the same spot XRP exposure.sec.gov
• Boring by design: spot XRP only, no derivatives or leverage, held in segregated cold storage at Coinbase Custody with BNY Mellon handling administration and transfer agency.sec.gov
• NAV is struck against the CME CF XRP-Dollar Reference Rate (New York Variant), which aggregates executed trade flow from major XRP platforms instead of leaning on one venue's print.sec.gov
• Actively traded since day one, and it sits in the upper tier of US spot crypto funds on trading quality.

Worth knowing

• BHYP Cheaper HYPE wrappers exist: THYP at 0.30% and HYPG at 0.29%. The gap is a few basis points, paid for the in-house staking setup.
• The sponsor fee comes out of the fund's HYPE, so the HYPE behind each share declines over the life of the fund, whichever way the token moves.bitwiseinvestments.com
• One token, one protocol, and a track record measured in months since the 2026 launch. Staking rewards depend on network conditions and are not promised.bitwiseinvestments.com

• XRP One coin, one risk. Shares follow XRP and nothing else, and single-asset crypto moves are large in both directions.
• Not the cheapest ticket on the shelf: 21Shares' TOXR carries the same spot XRP exposure at 0.30%.
• Launched in November 2025, so the trading and tracking record is short, and the fund makes no distributions.

Full BHYP profile⁠

Full XRP profile⁠