Bitwise refiles Hyperliquid ETF with SEC

TLDR

Bitwise has filed an updated registration for a proposed Hyperliquid (HYPE) ETF with the SEC, adding key details that suggest the fund is close to launch but still unapproved.

1. Bitwises latest filing adds the ticker BHYP, a 0.67% fee, and a staking component for a spot HYPE ETF that would list on NYSE Arca, pending SEC signoff.
2. Hyperliquid is a high volume onchain derivatives network whose HYPE token has surged around 200% over 12 months, drawing multiple issuers into a spot ETF race.
3. If approved, BHYP would extend the crypto ETF frontier beyond BTC and ETH into a niche perps protocol, with upside in access and liquidity but also higher volatility and regulatory risk.

Deep Dive

1. Filing Details And Structure

Reports indicate Bitwise has filed an updated S-1 registration with the SEC for a spot ETF that holds Hyperliquids HYPE token directly and would trade under the ticker BHYP on NYSE Arca. The amended filing fixes the management fee at 0.67% and frames the funds primary objective as tracking the value of HYPE held by the trust, while a secondary objective is to earn additional HYPE via staking, with roughly 85% of rewards retained for the fund after fees, according to an updated prospectus summary.

Custody is set to be provided by Anchorage Digital, a federally chartered crypto bank, which is consistent with how other crypto ETPs have structured institutional-grade storage for underlying assets. Analysts note that adding final details like ticker and fee usually happens late in the ETF process, although the SEC has not yet granted approval for trading.

2. Why Hyperliquid Matters

Hyperliquid is described as a purpose-built layer 1 for onchain derivatives, handling high throughput for perpetual futures and spot order books with sub second blocks and single block finality. Its native token HYPE, launched with a fixed 1 billion supply, benefits economically from protocol fees via an onchain buyback and burn mechanism, and has risen roughly 200% over the past year alongside record perpetuals volume on the platform.

Bitwise was the first to file for a spot HYPE ETF, and is now competing with issuers such as Grayscale, VanEck, and 21Shares, all pursuing their own HYPE-linked products as institutional attention shifts toward decentralized derivatives infrastructure. This looks like a next wave after spot BTC and ETH ETFs, focused on more targeted protocol exposure.

3. Market Impact And Next Steps

If approved, BHYP would give traditional brokerage investors direct price exposure to HYPE without using crypto exchanges or self-custody, and would also pass through most staking yield, which could make it attractive versus a plain price tracker. At the same time, HYPE remains a niche asset tied to a single derivatives protocol, so ETF inflows and outflows could amplify volatility relative to larger-cap coins.

The key variables to watch are the SECs stance on token specific spot ETFs beyond the majors, any questions around staking inside a registered fund, and how quickly competing HYPE ETFs progress. A green light would reinforce the trend of packaging more specialized crypto assets into ETFs, while a delay or denial would highlight where regulators are drawing the line for now.

Conclusion

Bitwises updated Hyperliquid ETF filing turns HYPE from a purely onchain perps token into a candidate for mainstream, ticker based exposure in brokerage accounts. The combination of direct token holding plus staking inside an ETF wrapper is a notable structural step beyond earlier spot products. Until the SEC rules, this is primarily a positioning move, but it shows how quickly the ETF market is moving from Bitcoin and Ethereum toward more specialized protocol bets.