Key Takeaways
- • Bitwise Asset Management filed a second amendment to its Hyperliquid (HYPE) ETF application with the SEC, adding the trading ticker BHYP and a management fee of 0.67%, signaling an imminent launch according to Bloomberg senior ETF analyst Eric Balchunas.
- • The proposed spot ETF will trade on NYSE Arca and directly hold HYPE tokens with in-kind redemption capabilities, allowing institutional investors direct exposure to Hyperliquid's native token without custody complexity.
- • Bitwise filed first among competitors in September 2025, ahead of 21Shares and Grayscale, positioning the firm to potentially capture first-mover advantage in the Hyperliquid ETF category.
- • Bitwise simultaneously launched a Hyperliquid Staking ETP on Deutsche Börse Xetra (ticker BHYP, ISIN DE000A4ARTJ5) on April 9, 2026, designed to capture both price exposure and staking-related yield for institutional investors, marking the firm's seventh institutional-grade staking product.
- • The 0.67% annual expense ratio is competitive within the altcoin ETF space (typically 0.20–1.5%), and the filing amendments—including Form 8-A registration and ticker finalization—typically precede regulatory approval and trading commencement by weeks.
Summary
Bitwise Asset Management has advanced its effort to launch a spot Hyperliquid ETF through a second SEC filing amendment that adds critical product details indicating regulatory approval and market entry are near term. According to Bloomberg senior ETF analyst Eric Balchunas, the addition of the trading ticker BHYP and the disclosed management fee of 0.67% are strong signals that the fund is positioned for imminent launch. Such filings typically represent one of the final procedural steps before SEC approval and exchange listing.
The amended filing includes a Form 8-A registration statement required for securities listing on exchanges such as NYSE Arca, the designated trading venue for the Bitwise product. The proposed spot ETF will directly hold HYPE tokens—the native token of Hyperliquid, a layer-1 blockchain and decentralized perpetual futures exchange—and feature in-kind redemptions, enabling institutional shareholders to exchange shares directly for underlying tokens rather than settling in cash. This structure reduces operational friction for institutional investors and provides direct protocol exposure.
Bitwise filed its initial Hyperliquid ETF proposal in September 2025, preceding competing filings from 21Shares (October 2025) and Grayscale (late March 2026). This timeline positions Bitwise as the likely first-mover candidate for regulatory approval and launch, a significant strategic advantage in emerging product categories where initial market entrants typically capture meaningful assets under management.
Concurrently, Bitwise launched the Hyperliquid Staking ETP on Deutsche Börse Xetra on April 9, 2026 (ticker BHYP; ISIN DE000A4ARTJ5), designed to provide exposure to HYPE token price appreciation plus staking-related yield generation. The product tracks the Kaiko HYPE Reference Rate index and enables institutional investors to capture protocol economics without managing private keys or on-chain staking infrastructure. This represents Bitwise's seventh institutional-grade staking ETP offering.
The 0.67% annual expense ratio is positioned competitively within the broader altcoin ETF fee landscape, though on the higher end relative to flagship Bitcoin and Ethereum spot products. Hyperliquid's platform has demonstrated meaningful traction, with growing derivatives trading volumes and user activity throughout the first quarter of 2026, supporting the institutional case for regulated spot exposure.
The amended filing includes a Form 8-A registration statement required for securities listing on exchanges such as NYSE Arca, the designated trading venue for the Bitwise product. The proposed spot ETF will directly hold HYPE tokens—the native token of Hyperliquid, a layer-1 blockchain and decentralized perpetual futures exchange—and feature in-kind redemptions, enabling institutional shareholders to exchange shares directly for underlying tokens rather than settling in cash. This structure reduces operational friction for institutional investors and provides direct protocol exposure.
Bitwise filed its initial Hyperliquid ETF proposal in September 2025, preceding competing filings from 21Shares (October 2025) and Grayscale (late March 2026). This timeline positions Bitwise as the likely first-mover candidate for regulatory approval and launch, a significant strategic advantage in emerging product categories where initial market entrants typically capture meaningful assets under management.
Concurrently, Bitwise launched the Hyperliquid Staking ETP on Deutsche Börse Xetra on April 9, 2026 (ticker BHYP; ISIN DE000A4ARTJ5), designed to provide exposure to HYPE token price appreciation plus staking-related yield generation. The product tracks the Kaiko HYPE Reference Rate index and enables institutional investors to capture protocol economics without managing private keys or on-chain staking infrastructure. This represents Bitwise's seventh institutional-grade staking ETP offering.
The 0.67% annual expense ratio is positioned competitively within the broader altcoin ETF fee landscape, though on the higher end relative to flagship Bitcoin and Ethereum spot products. Hyperliquid's platform has demonstrated meaningful traction, with growing derivatives trading volumes and user activity throughout the first quarter of 2026, supporting the institutional case for regulated spot exposure.
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