Bitwise Asset Management filed a second amendment with the U.S. Securities and Exchange Commission adding the ticker BHYP and setting a management fee of 0.67% (67 basis points) for its proposed spot Hyperliquid exchange-traded fund.
Bloomberg senior ETF analyst Eric Balchunas flagged the update on X, noting that filing a ticker and fee often indicates a product is close to launch. He also pointed out that HYPE has surged recently, saying the token is up about 200% over the past year, a sign Bitwise may be timing the move amid strong investor interest.
This amendment comes as several asset managers compete to offer spot ETFs tied to the Hyperliquid protocol. Bitwise was the first to submit a Hyperliquid ETF filing in September; 21Shares followed in October, and Grayscale filed a similar application in late March.
In its December amendment, Bitwise said the fund would seek to generate additional returns from staking HYPE—an approach not explicitly mentioned in filings by Grayscale or 21Shares. If approved, the fund would list on NYSE Arca and provide investors with exposure to Hyperliquid’s spot price.
HYPE’s recent market performance has been strong. CoinGecko data cited HYPE up about 65% year-to-date to roughly $41.96 at the time of reporting, and up about 182% over the past 12 months. Blockchain analytics platform CoinGlass reported Hyperliquid reached the top 10 crypto derivatives platforms by volume in Q1, recording $492.7 billion in trading volume—approximately $90 billion less than ninth-place Coinbase.
Readers are advised to verify filings and market data independently as details and figures can change.