Key Takeaways
- • Bitwise Asset Management filed a second amendment to its spot Hyperliquid (HYPE) ETF application with the SEC on April 10, 2026, confirming the ticker symbol BHYP and finalizing the 0.67% annual management fee, positioning the product as one of the final steps before regulatory approval.
- • The amended filing names FalconX, Flowdesk, Nonco, and Wintermute as approved trading counterparties, with Flowdesk and Wintermute newly added to the list, while Anchorage Digital Bank continues as the custody provider for HYPE assets.
- • Bitwise's product differentiates itself through a staking strategy that will generate additional HYPE rewards on substantially all holdings (excluding a 30% liquidity reserve), with rewards subject to a 15% fee split between Bitwise and designated staking operators, including affiliate Attestant.
- • Bitwise filed the original S-1 in September 2026, maintaining first-mover advantage over competitors 21Shares (October filing) and Grayscale (late March filing), with Bloomberg Intelligence analyst Eric Balchunas indicating the product could launch imminently based on the amendment's completion of operational details.
- • HYPE token has appreciated approximately 66% year-to-date and 182% over the past 12 months, with the Hyperliquid protocol generating $492.7 billion in first-quarter derivatives volume, reflecting significant market traction preceding the ETF launch.
Summary
Bitwise Asset Management advanced its proposed spot Hyperliquid exchange-traded fund closer to market debut by filing a second amendment with the U.S. Securities and Exchange Commission on April 10, 2026. The filing finalizes critical product specifications including the NYSE Arca ticker symbol BHYP and the annual management fee of 0.67%, details that Bloomberg Intelligence senior ETF analyst Eric Balchunas identified as indicators the fund could launch soon. These finalized operational parameters typically represent one of the final stages in the SEC review process for cryptocurrency ETF applications.
The amended prospectus reflects a more complete product structure, detailing the trust's primary objective of tracking the value of HYPE held by the fund while pursuing a secondary objective of generating additional HYPE through staking. This staking component distinguishes Bitwise's product from competing applications filed by 21Shares and Grayscale, neither of which has explicitly committed to staking strategies in their respective filings. Bitwise will maintain a 30% liquidity reserve to support redemptions while staking substantially all remaining HYPE holdings, with staking rewards subject to a 15% fee split between Bitwise and designated staking operators, including Bitwise affiliate Attestant.
The second amendment updates the fund's list of approved trading counterparties to include FalconX, Flowdesk, Nonco, and Wintermute, with Flowdesk and Wintermute newly added to the previous roster. A1, previously identified as an affiliate of custodian Anchorage Digital, has been removed from the list, though Anchorage Digital Bank will continue holding the trust's HYPE assets in custody. CF Benchmarks will provide the daily pricing reference rate, set at 4 p.m. ET each trading day.
Bitwise filed its original S-1 in September 2026, establishing first-mover position in the spot HYPE ETF race. Competitors entered subsequently: 21Shares filed in October, and Grayscale submitted its application in late March. The competitive landscape reflects growing institutional interest in Hyperliquid, which has demonstrated substantial market momentum—HYPE appreciated approximately 66% during 2026 year-to-date trading and 182% over the trailing 12 months, while the Hyperliquid protocol recorded $492.7 billion in first-quarter derivatives trading volume.
The amended prospectus reflects a more complete product structure, detailing the trust's primary objective of tracking the value of HYPE held by the fund while pursuing a secondary objective of generating additional HYPE through staking. This staking component distinguishes Bitwise's product from competing applications filed by 21Shares and Grayscale, neither of which has explicitly committed to staking strategies in their respective filings. Bitwise will maintain a 30% liquidity reserve to support redemptions while staking substantially all remaining HYPE holdings, with staking rewards subject to a 15% fee split between Bitwise and designated staking operators, including Bitwise affiliate Attestant.
The second amendment updates the fund's list of approved trading counterparties to include FalconX, Flowdesk, Nonco, and Wintermute, with Flowdesk and Wintermute newly added to the previous roster. A1, previously identified as an affiliate of custodian Anchorage Digital, has been removed from the list, though Anchorage Digital Bank will continue holding the trust's HYPE assets in custody. CF Benchmarks will provide the daily pricing reference rate, set at 4 p.m. ET each trading day.
Bitwise filed its original S-1 in September 2026, establishing first-mover position in the spot HYPE ETF race. Competitors entered subsequently: 21Shares filed in October, and Grayscale submitted its application in late March. The competitive landscape reflects growing institutional interest in Hyperliquid, which has demonstrated substantial market momentum—HYPE appreciated approximately 66% during 2026 year-to-date trading and 182% over the trailing 12 months, while the Hyperliquid protocol recorded $492.7 billion in first-quarter derivatives trading volume.
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