Bitwise Advances Hyperliquid ETF Bid, Setting Ticker and Fee Ahead of Potential Launch
Bitwise Asset Management files second amendment for its spot Hyperliquid ETF, introducing $BHYP and a 0.67% management fee, signaling an imminent launch amidst growing competition
Bitwise Signals Imminent Hyperliquid ETF Launch
Bitwise Asset Management has moved a crucial step closer to bringing its proposed spot Hyperliquid exchange-traded fund to market. The firm recently submitted a second amendment to its filing with the U.S. Securities and Exchange Commission (SEC), a development closely watched by industry analysts.
The updated filing reveals two key details that often precede a product launch: the proposed ticker symbol, $BHYP, and a management fee set at 0.67% (or 67 basis points). Bloomberg's senior ETF analyst, Eric Balchunas, highlighted these additions, noting that such specifics typically indicate a product is on the cusp of going live.
Capitalizing on Hyperliquid's Momentum
The timing of Bitwise's accelerated push is no coincidence. Hyperliquid, a decentralized perpetual futures protocol, has seen its native token, HYPE, experience substantial growth. Data indicates HYPE has surged approximately 200% over the past year, with a 65% increase since the start of 2026 alone, despite broader market volatility. This strong performance likely motivates Bitwise to "strike while the iron is hot," as Balchunas suggested, offering investors a regulated avenue to participate in this momentum.
A Competitive Race for First-Mover Advantage
Bitwise isn't alone in recognizing Hyperliquid's potential. The firm is locked in a competitive race with other major asset managers, including Grayscale and 21Shares, both of whom are also vying to launch similar spot ETFs tied to the Hyperliquid protocol. Bitwise was the first to file its initial application in September, followed by 21Shares a month later, and Grayscale in late March.
If approved, Bitwise's ETF would trade on the NYSE Arca exchange, providing traditional investors with direct exposure to the spot price of Hyperliquid. Notably, Bitwise's initial amendment in December also indicated an intent for the fund to generate additional returns through HYPE staking—a feature not explicitly outlined in the filings from Grayscale or 21Shares, potentially offering a unique value proposition.
Hyperliquid's Ascendant Trajectory
Beyond token price, the Hyperliquid protocol itself continues to gain significant traction within the DeFi ecosystem. Blockchain analytics platform CoinGlass reported in early April that Hyperliquid had broken into the top 10 crypto derivatives platforms by trading volume. During the first quarter of the year, Hyperliquid processed an impressive $492.7 billion in trading volume, positioning it just behind established players like Coinbase and alongside giants such as Binance and OKX.
This rapid ascent underscores Hyperliquid's growing utility and adoption among traders, further solidifying the case for an accessible investment product. An approved ETF would not only validate the protocol's growing importance but also open doors for a broader investor base to engage with the innovative financial instruments it offers.
Key points: Bitwise's second amended filing for a spot Hyperliquid ETF, including the $BHYP ticker and a 0.67% management fee, strongly suggests an imminent launch. • The move aims to capitalize on Hyperliquid's impressive token performance, with HYPE surging 200% over the past year, and its growing dominance in crypto derivatives trading. • Bitwise is competing with Grayscale and 21Shares for the first spot Hyperliquid ETF, with Bitwise's proposal uniquely aiming to generate additional returns from HYPE staking. • An approved ETF would provide traditional investors with regulated exposure to Hyperliquid, a rapidly expanding decentralized finance (DeFi) protocol.