Key Takeaways
- • Bitwise filed a second amendment for its spot Hyperliquid ETF, finalizing the ticker symbol as BHYP and setting the management fee at 67 basis points (0.67%), positioning the product for near-term regulatory approval and launch.
- • The ETF will trade on NYSE Arca and provide investors direct exposure to Hyperliquid's HYPE token, with a primary objective to track token value and a secondary objective to generate additional HYPE through staking—differentiating it from plain spot wrappers.
- • Bitwise faces competitive pressure from 21Shares (filing October 2025) and Grayscale (filing March 2026), transforming what was initially a niche filing into a multi-firm race around HYPE, one of crypto's high-momentum tokens.
- • HYPE token performance demonstrates strong institutional interest: up 65% year-to-date and 182% over the past 12 months, while Hyperliquid protocol generated $492.7 billion in derivatives volume during Q1 2026.
- • Bloomberg senior ETF analyst Eric Balchunas indicated the finalized filing details signal a potential near-term launch, suggesting regulatory approval may be imminent.
Summary
Bitwise Asset Management has advanced its Hyperliquid ETF toward launch by submitting a second amendment to its SEC filing on April 12, 2026. The amendment finalizes critical product specifications: the trading ticker BHYP and a management fee of 67 basis points. These amendments represent a standard pre-approval step in the ETF regulatory process and signal that the product structure has moved from early proposal stage to market-ready configuration.
The proposed ETF will trade on NYSE Arca and offer investors direct spot exposure to Hyperliquid's HYPE token. What distinguishes Bitwise's approach from competitors is a dual-objective structure: the fund's primary objective is to track the value of HYPE held in the trust, while a secondary objective is to generate additional HYPE through staking rewards. This staking component provides a differentiated product profile compared to standard spot token wrappers, potentially enhancing yield for investors willing to accept the operational complexity.
The filing arrives amid intensifying competitive activity in the Hyperliquid ETF space. Bitwise filed first in September 2025, followed by 21Shares in October 2025 and Grayscale in late March 2026. This multi-manager race underscores institutional appetite for HYPE exposure and reflects broader adoption of cryptocurrency ETFs as compliant investment vehicles for regulated institutions.
Market conditions support the timing. HYPE has appreciated 65% year-to-date and 182% over the trailing 12 months, while Hyperliquid's derivatives protocol posted $492.7 billion in trading volume during Q1 2026. According to Bloomberg senior ETF analyst Eric Balchunas, the finalized filing details suggest the product could launch in the near term, contingent on SEC approval. The second amendment effectively removes ambiguity around fee structure and trading mechanics, eliminating obstacles typically resolved before final regulatory clearance.
The proposed ETF will trade on NYSE Arca and offer investors direct spot exposure to Hyperliquid's HYPE token. What distinguishes Bitwise's approach from competitors is a dual-objective structure: the fund's primary objective is to track the value of HYPE held in the trust, while a secondary objective is to generate additional HYPE through staking rewards. This staking component provides a differentiated product profile compared to standard spot token wrappers, potentially enhancing yield for investors willing to accept the operational complexity.
The filing arrives amid intensifying competitive activity in the Hyperliquid ETF space. Bitwise filed first in September 2025, followed by 21Shares in October 2025 and Grayscale in late March 2026. This multi-manager race underscores institutional appetite for HYPE exposure and reflects broader adoption of cryptocurrency ETFs as compliant investment vehicles for regulated institutions.
Market conditions support the timing. HYPE has appreciated 65% year-to-date and 182% over the trailing 12 months, while Hyperliquid's derivatives protocol posted $492.7 billion in trading volume during Q1 2026. According to Bloomberg senior ETF analyst Eric Balchunas, the finalized filing details suggest the product could launch in the near term, contingent on SEC approval. The second amendment effectively removes ambiguity around fee structure and trading mechanics, eliminating obstacles typically resolved before final regulatory clearance.
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