BHYP vs XRPZ

BHYPBBitwise Hyperliquid ETF

XRPZAFranklin 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.

XRPZ —No data

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.

XRPZ —No data

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.

XRPZ —No data

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

XRPZ —No data

Full BHYP profile⁠

Full XRPZ profile⁠