What Does Bitwise’s Latest Filing Reveal?
Bitwise Asset Management has taken another step toward launching its proposed spot Hyperliquid exchange-traded fund, submitting a second amendment to the US Securities and Exchange Commission. The update adds key operational details, including the ticker $BHYP and a management fee of 0.67%.
According to Bloomberg senior ETF analyst Eric Balchunas, the inclusion of these elements typically points to a product nearing market entry. “The filing of these details generally indicates that the product will ‘launch soon,’” he said. Balchunas also noted that “HYPE is up 200% in the past year,” adding that the firm was likely “trying to strike” while the iron was “hot.”
If approved, the fund will trade on NYSE Arca and provide investors with exposure to the spot price of Hyperliquid, a crypto protocol tied to perpetual futures trading.
How Does Bitwise’s Approach Differ From Rivals?
The filing comes as multiple asset managers compete to launch the first spot ETF linked to Hyperliquid. Grayscale and 21Shares have both submitted similar proposals, though Bitwise was the first to file in September, followed by 21Shares in October and Grayscale in late March.
One distinction in Bitwise’s structure is its intention to incorporate staking into the fund’s strategy. In its earlier amendment, the firm indicated that the ETF would seek to generate additional returns through HYPE staking, a feature not explicitly outlined in competing filings.
This approach introduces a hybrid model that combines passive exposure to the underlying asset with yield generation, potentially enhancing returns but also adding operational complexity and regulatory scrutiny.
Investor Takeaway
Why Is Hyperliquid Gaining Market Attention?
Hyperliquid has seen strong growth across both price performance and trading activity. According to CoinGecko data, the HYPE token has risen 65% since the start of 2026 to around $41.96, despite broader market weakness. Over a 12-month period, gains are closer to 182%.
Beyond price, the platform’s derivatives activity has expanded rapidly. Data from CoinGlass shows that Hyperliquid entered the top 10 crypto derivatives platforms by volume in early April, placing it alongside established exchanges such as Binance, OKX, and Bybit.
During the first quarter, Hyperliquid recorded $492.7 billion in trading volume, bringing it within roughly $90 billion of Coinbase’s derivatives activity. This growth reflects rising demand for decentralized or alternative trading venues in the perpetual futures segment.
Investor Takeaway
What Are the Implications for the ETF Market?
The race to launch a Hyperliquid ETF reflects a broader expansion of crypto-linked investment products beyond bitcoin and ethereum. Asset managers are increasingly targeting emerging protocols with strong user growth and trading activity.
However, approval remains uncertain. Products tied to more complex or less established crypto ecosystems may face closer scrutiny from regulators, particularly when additional features such as staking are involved.
For issuers, speed to market is likely to be a key factor. Early approval could allow a first mover to capture liquidity and establish a benchmark product, while delays may narrow the differentiation between competing offerings.
The outcome will help determine whether investor demand for crypto ETFs extends beyond major assets into more specialized segments of the digital asset market.
