Key Takeaways
- • Bitwise Asset Management filed an amended S-1 registration statement with the SEC for a spot Hyperliquid ETF, adding ticker symbol BHYP and a management fee of 0.67%, signaling an imminent launch according to Bloomberg ETF analyst Eric Balchunas.
- • The Bitwise Hyperliquid ETF will trade on NYSE Arca with Anchorage Digital Bank serving as custodian, positioning Bitwise ahead of competitors Grayscale and 21Shares in the race to launch the first spot HYPE fund.
- • BitMEX co-founder Arthur Hayes accumulated 26,022 HYPE tokens in a single purchase exceeding $1 million on April 11, his first major HYPE accumulation in nearly three months, bringing his total holdings to 247,344 tokens worth approximately $10.44 million with a paper gain of $2.5 million.
- • HYPE token has surged 200% over the past year and currently trades near $42, having recovered from a low of $27 in late February and reaching a high of $44 in mid-March, driven partly by ETF speculation and growing decentralized exchange adoption.
- • Hayes maintains a price target of $150 for HYPE by August 2026, representing approximately a fourfold increase from current levels, citing rising DEX adoption and bullish long-term fundamentals underpinned by HYPE's tokenomics structure tied to fee buybacks.
Summary
Bitwise Asset Management has advanced its application for a spot Hyperliquid exchange-traded fund, filing a second amendment to its S-1 registration statement with the Securities and Exchange Commission that includes critical launch details. The amended filing specifies that the fund will trade under the ticker BHYP on NYSE Arca and carry a management fee of 67 basis points (0.67%). Bloomberg senior ETF analyst Eric Balchunas characterized these additions as strong indicators of an imminent launch, noting that such specificity in SEC filings typically precedes approval and market entry.
Bitwise submitted its initial Hyperliquid ETF proposal in September 2025, positioning the firm ahead of other issuers competing for first-mover advantage in this category. Grayscale filed its HYPE ETF application in late March 2026, while 21Shares entered the race in October 2025. If approved, the Bitwise product will track the spot price of the HYPE token and provide regulated institutional and retail investors with direct exposure to Hyperliquid, a perpetual decentralized exchange protocol. Anchorage Digital Bank will serve as the fund's custodian, securing net assets.
The ETF filing activity coincides with significant price momentum in the HYPE token. The asset has appreciated 200% over the past year and currently trades near $42, having recovered from a multi-month low of $27 in late February 2026 following geopolitical tensions, before climbing to $44 in mid-March. This trajectory has attracted prominent institutional participants, most notably BitMEX co-founder Arthur Hayes, who renewed his accumulation on April 11, 2026. On-chain data revealed Hayes spent over $1 million to purchase 26,022 HYPE tokens, marking his first substantial buy in nearly three months. His total position now stands at 247,344 tokens valued at approximately $10.44 million, representing a paper gain of $2.5 million.
Hayes has publicly maintained a bull case for HYPE, targeting a price of $150 by August 2026, which would represent a fourfold increase from current levels. He attributes this outlook to rising adoption of decentralized exchanges and HYPE's tokenomics structure, which allocates 97% of protocol trading fees to token buybacks and includes structured supply unlocks designed to support price appreciation. Hayes' recent accumulation and continued bullish commentary underscore his conviction in the asset's medium-term trajectory, particularly as regulatory clarity through ETF approval could expand the investor base significantly.
Bitwise submitted its initial Hyperliquid ETF proposal in September 2025, positioning the firm ahead of other issuers competing for first-mover advantage in this category. Grayscale filed its HYPE ETF application in late March 2026, while 21Shares entered the race in October 2025. If approved, the Bitwise product will track the spot price of the HYPE token and provide regulated institutional and retail investors with direct exposure to Hyperliquid, a perpetual decentralized exchange protocol. Anchorage Digital Bank will serve as the fund's custodian, securing net assets.
The ETF filing activity coincides with significant price momentum in the HYPE token. The asset has appreciated 200% over the past year and currently trades near $42, having recovered from a multi-month low of $27 in late February 2026 following geopolitical tensions, before climbing to $44 in mid-March. This trajectory has attracted prominent institutional participants, most notably BitMEX co-founder Arthur Hayes, who renewed his accumulation on April 11, 2026. On-chain data revealed Hayes spent over $1 million to purchase 26,022 HYPE tokens, marking his first substantial buy in nearly three months. His total position now stands at 247,344 tokens valued at approximately $10.44 million, representing a paper gain of $2.5 million.
Hayes has publicly maintained a bull case for HYPE, targeting a price of $150 by August 2026, which would represent a fourfold increase from current levels. He attributes this outlook to rising adoption of decentralized exchanges and HYPE's tokenomics structure, which allocates 97% of protocol trading fees to token buybacks and includes structured supply unlocks designed to support price appreciation. Hayes' recent accumulation and continued bullish commentary underscore his conviction in the asset's medium-term trajectory, particularly as regulatory clarity through ETF approval could expand the investor base significantly.
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