Bitwise appears to be moving closer to launching a spot Hyperliquid exchange-traded fund after filing a second amendment with the U.S. Securities and Exchange Commission that added the ticker BHYP and set a 0.67% management fee. If approved, the product would trade on NYSE Arca and give investors direct exposure to the price of Hyperliquid’s $HYPE token.
What gives the update a bit more shape is that the filing now reads less like an early proposal and more like a product being prepared for market. The amended prospectus says the trust’s primary objective is to track the value of HYPE held by the fund, while a secondary objective is to generate additional HYPE through staking.
That makes Bitwise’s approach slightly broader than a plain spot wrapper and gives the fund a more differentiated profile if it makes it through the approval process.
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Bitwise was the first asset manager to file for a spot Hyperliquid ETF in September. 21Shares followed in October, and Grayscale joined the field in late March, turning what might have looked like a niche filing into a more competitive race around one of crypto’s newer high-momentum tokens.
Bloomberg senior ETF analyst Eric Balchunas said the latest filing details suggest the product could launch soon.
The setup arrives as Hyperliquid itself continues to attract attention. HYPE is up roughly 65% since the start of 2026 and about 182% over the past year, while the protocol generated $492.7 billion in first-quarter derivatives volume.
That combination is helping push Hyperliquid from a fast-growing protocol story into something issuers increasingly view as ETF-ready.
The Hyperliquid (CRYPTO: $HYPE) cryptocurrency is currently trading at $42.34 U.S. per digital token.
finance.yahoo.com
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