Key Takeaways
- • Bitwise filed a second amendment to its Hyperliquid ETF registration with the SEC on April 10, 2026, confirming ticker symbol BHYP and a management fee of 67 basis points—details typically indicating imminent regulatory approval and launch.
- • The proposed spot Hyperliquid ETF will trade on NYSE Arca, hold HYPE tokens directly, and offer in-kind redemptions allowing shareholders to exchange shares for actual tokens rather than cash redemptions.
- • Bitwise added Wintermute and Flowdesk as named trading counterparties in the amended filing, strengthening the operational infrastructure for the fund's launch.
- • Bitwise filed first among current competitors (September 2025), followed by 21Shares and Grayscale in a competitive race to launch the first spot HYPE ETF in the United States.
- • According to Bloomberg senior ETF analyst Eric Balchunas, the inclusion of ticker, fee structure, and Section 8(a) language in the amendment signals the fund could launch imminently, potentially within 30 to 60 days under the SEC's post-September crypto ETF review procedures.
Summary
Bitwise Asset Management submitted a second amendment to its Form S-1 registration statement for a spot Hyperliquid ETF on April 10, 2026, advancing the product toward potential regulatory approval and market launch. The amended filing confirmed the exchange ticker BHYP and established a management fee of 67 basis points (0.67%), two operational details that market participants view as strong signals of near-term launch readiness. The filing also named Wintermute and Flowdesk as trading counterparties, establishing critical infrastructure for the fund's operational execution.
The proposed fund will trade on NYSE Arca and operate as a spot ETF holding HYPE tokens directly rather than derivatives or futures contracts. The structure includes in-kind redemption mechanics, permitting shareholders to exchange ETF shares for underlying HYPE tokens instead of requiring cash settlements. This design choice aligns with established frameworks in crypto spot ETFs and provides direct token exposure to investors seeking Hyperliquid protocol participation through a traditional ETF wrapper.
Bitwise's April amendment maintains the firm's competitive position as the first major asset manager to file for a spot Hyperliquid ETF, having submitted its initial S-1 in late September 2025. The amended filing comes amid intensifying competition, with 21Shares filing in October 2025 and Grayscale entering the race in late March 2026. Bloomberg senior ETF analyst Eric Balchunas noted that the addition of ticker, fee, and Section 8(a) regulatory language typically precedes imminent launches, suggesting approval could arrive within weeks under the SEC's post-September crypto ETF review procedures, which generally authorize effective registration within 30 to 60 days of initial filing.
The timing coincides with substantial performance dynamics in Hyperliquid markets. HYPE demonstrated significant token appreciation over the preceding year and posted rising derivatives volumes during the first quarter of 2026, reflecting growing institutional and retail interest in the protocol ahead of the ETF launch. The spot ETF product capitalizes on this momentum by offering regulated, traditional market access to what has become an increasingly prominent decentralized exchange platform.
The proposed fund will trade on NYSE Arca and operate as a spot ETF holding HYPE tokens directly rather than derivatives or futures contracts. The structure includes in-kind redemption mechanics, permitting shareholders to exchange ETF shares for underlying HYPE tokens instead of requiring cash settlements. This design choice aligns with established frameworks in crypto spot ETFs and provides direct token exposure to investors seeking Hyperliquid protocol participation through a traditional ETF wrapper.
Bitwise's April amendment maintains the firm's competitive position as the first major asset manager to file for a spot Hyperliquid ETF, having submitted its initial S-1 in late September 2025. The amended filing comes amid intensifying competition, with 21Shares filing in October 2025 and Grayscale entering the race in late March 2026. Bloomberg senior ETF analyst Eric Balchunas noted that the addition of ticker, fee, and Section 8(a) regulatory language typically precedes imminent launches, suggesting approval could arrive within weeks under the SEC's post-September crypto ETF review procedures, which generally authorize effective registration within 30 to 60 days of initial filing.
The timing coincides with substantial performance dynamics in Hyperliquid markets. HYPE demonstrated significant token appreciation over the preceding year and posted rising derivatives volumes during the first quarter of 2026, reflecting growing institutional and retail interest in the protocol ahead of the ETF launch. The spot ETF product capitalizes on this momentum by offering regulated, traditional market access to what has become an increasingly prominent decentralized exchange platform.
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