Bitwise Asset Management has taken another step toward launching a proposed spot Hyperliquid exchange-traded fund, filing a second amendment with the U.S. Securities and Exchange Commission that adds the ticker $BHYP and sets a management fee of 0.67% (67 basis points).
Bloomberg senior ETF analyst Eric Balchunas highlighted the update on X, noting that filing ticker and fee details typically signals the product will “launch soon.” He also observed that “HYPE is up 200% in the past year,” suggesting Bitwise may be aiming to move while interest is high.
The filing arrives amid competition from other asset managers racing to offer spot ETFs tied to the crypto perpetual futures protocol and blockchain. Bitwise was the first to submit a Hyperliquid ETF filing in September; 21Shares followed a month later, and Grayscale filed in late March.
In its initial amendment from December, Bitwise indicated the fund would seek to generate additional returns from HYPE staking—an approach not explicitly stated by Grayscale or 21Shares. If approved, Bitwise’s ETF would trade on the NYSE Arca and provide investors exposure to Hyperliquid’s spot price.
Hyperliquid’s token HYPE has shown strong performance: CoinGecko data cited it up about 65% year-to-date to roughly $41.96 at the time of reporting, and up about 182% over 12 months. Blockchain analytics platform CoinGlass reported Hyperliquid entered the top 10 crypto derivatives platforms by volume in Q1, generating $492.7 billion in trading volume—about $90 billion shy of ninth-placed Coinbase.
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