Key Takeaways
- • Bitwise filed a second amendment to its proposed Hyperliquid (HYPE) spot ETF on April 10, 2026, with ticker symbol BHYP and a 0.67% annual management fee, signaling imminent U.S. launch on NYSE Arca.
- • The updated filing names FalconX, Flowdesk, Nonco, and Wintermute as approved trading counterparties, replacing A1 from the previous amendment while retaining Anchorage Digital Bank as custodian for HYPE assets.
- • CF Benchmarks will provide daily HYPE index calculations at 4 PM Eastern Time, establishing transparent pricing benchmarks essential for ETF valuation and trading.
- • Bitwise's secondary objective to generate additional HYPE through staking differentiates the product from plain spot exposure, offering investors a yield-generating structure beyond direct price tracking.
- • Bloomberg senior ETF analyst Eric Balchunas indicated the detailed filing suggests launch timing is imminent, with Bitwise positioned to lead a competitive field that includes 21Shares and Grayscale filings in the spot HYPE ETF race.
Summary
Bitwise Asset Management advanced its proposed spot Hyperliquid ETF toward launch with a second regulatory amendment filed April 10, 2026, introducing refined operational details and an expanded trading counterparty network. The filing confirms the ticker BHYP and establishes a 0.67% annual management fee, details typically associated with products in final pre-launch stages. If approved, the ETF will trade on NYSE Arca and provide institutional and retail investors direct exposure to the HYPE token's spot price.
The amended prospectus designates four firms as authorized participants in the ETF's operations: FalconX, Flowdesk, Nonco, and Wintermute. This represents a material update from the December 2025 first amendment, which listed A1 (an Anchorage Digital affiliate), Nonco, and Solios (identified as a FalconX division). A1 has been removed from the counterparty list, though Anchorage Digital Bank retains its custody role for the fund's HYPE holdings, maintaining operational continuity in asset safeguarding.
Beyond spot price tracking, Bitwise's structure incorporates a secondary objective to generate incremental HYPE through staking mechanisms—a feature that differentiates the product from competing filings and aligns with contemporary institutional investor demand for yield-generating crypto exposures. CF Benchmarks will administer the daily HYPE index calculation, with pricing updates scheduled for 4 PM Eastern Time, establishing transparent, standardized benchmarks critical for fair valuation and trading efficiency.
Industry analysts view the filing's level of specification as a strong indicator of near-term launch approval. Bloomberg senior ETF analyst Eric Balchunas highlighted the amendment as suggesting imminent launch timing. Bitwise filed first in September 2025, followed by 21Shares in October 2025 and Grayscale in late March 2026, creating a competitive dynamic around one of cryptocurrency's higher-momentum newer tokens. HYPE has appreciated approximately 65% year-to-date through April 2026 and roughly 182% over the preceding twelve months, while the underlying Hyperliquid protocol generated $492.7 billion in derivatives volume during Q1 2026, demonstrating substantial institutional participation.
The amended prospectus designates four firms as authorized participants in the ETF's operations: FalconX, Flowdesk, Nonco, and Wintermute. This represents a material update from the December 2025 first amendment, which listed A1 (an Anchorage Digital affiliate), Nonco, and Solios (identified as a FalconX division). A1 has been removed from the counterparty list, though Anchorage Digital Bank retains its custody role for the fund's HYPE holdings, maintaining operational continuity in asset safeguarding.
Beyond spot price tracking, Bitwise's structure incorporates a secondary objective to generate incremental HYPE through staking mechanisms—a feature that differentiates the product from competing filings and aligns with contemporary institutional investor demand for yield-generating crypto exposures. CF Benchmarks will administer the daily HYPE index calculation, with pricing updates scheduled for 4 PM Eastern Time, establishing transparent, standardized benchmarks critical for fair valuation and trading efficiency.
Industry analysts view the filing's level of specification as a strong indicator of near-term launch approval. Bloomberg senior ETF analyst Eric Balchunas highlighted the amendment as suggesting imminent launch timing. Bitwise filed first in September 2025, followed by 21Shares in October 2025 and Grayscale in late March 2026, creating a competitive dynamic around one of cryptocurrency's higher-momentum newer tokens. HYPE has appreciated approximately 65% year-to-date through April 2026 and roughly 182% over the preceding twelve months, while the underlying Hyperliquid protocol generated $492.7 billion in derivatives volume during Q1 2026, demonstrating substantial institutional participation.
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