Key Takeaways
- • Bitwise filed an amended registration statement for its spot Hyperliquid (HYPE) ETF, updating its trading counterparty roster to include FalconX, Flowdesk, Nonco, and Wintermute—replacing A1 and Solios from the December version while retaining Nonco.
- • The proposed ETF will trade under ticker BHYP with a 0.67% annual management fee, with Anchorage Digital Bank serving as custodian and CF Benchmarks providing daily reference pricing for HYPE.
- • Public disclosure of the ticker symbol and fee structure signals imminent SEC approval, according to Bloomberg Intelligence senior analyst Eric Balchunas, suggesting the fund could launch in the near term.
- • Bitwise Europe has already launched a competing Hyperliquid Staking ETP on Germany's Xetra exchange under the same BHYP ticker, featuring staking functionality and establishing the company's multi-jurisdictional crypto product strategy.
- • The updated filing represents the second amendment to the U.S. ETF registration, indicating the SEC review process is advancing through final stages toward potential approval and listing on NYSE Arca.
Summary
Bitwise Asset Management has submitted a second amended registration statement for its proposed spot Hyperliquid ETF, signaling material progress toward U.S. regulatory approval. The filing reveals critical operational details: the fund will trade under ticker BHYP on NYSE Arca with an annual management fee of 0.67%, and will be custodied by Anchorage Digital Bank with daily reference pricing provided by CF Benchmarks.
The company has restructured its trading counterparty network compared to its December filing. The updated roster now includes FalconX, Flowdesk, Nonco, and Wintermute. This represents a meaningful shift: A1 (a subsidiary of custodian Anchorage Digital) has been removed from the counterparty list, while Flowdesk and Wintermute have been newly added. Solios has been replaced by FalconX. Nonco remains across both versions, indicating its continued importance to execution strategy.
The timing of the amended filing holds strategic significance. According to Eric Balchunas, senior analyst at Bloomberg Intelligence, the public disclosure of specific trading details—including the ticker symbol and fee structure—typically signals that an ETF is in final regulatory stages and may launch imminently. This interpretation gains credibility given the progression from initial filing through multiple amendments.
The filing arrives shortly after Bitwise Europe launched its own Hyperliquid product: the Bitwise Hyperliquid Staking ETP on Germany's Xetra exchange, also operating under ticker BHYP but featuring staking functionality. This parallel product launch underscores Bitwise's multi-jurisdictional approach to capturing Hyperliquid exposure across institutional investor bases. The U.S. spot ETF will offer direct HYPE token exposure without staking mechanics, differentiating it from the European ETP product while maintaining brand consistency through the shared ticker designation.
The company has restructured its trading counterparty network compared to its December filing. The updated roster now includes FalconX, Flowdesk, Nonco, and Wintermute. This represents a meaningful shift: A1 (a subsidiary of custodian Anchorage Digital) has been removed from the counterparty list, while Flowdesk and Wintermute have been newly added. Solios has been replaced by FalconX. Nonco remains across both versions, indicating its continued importance to execution strategy.
The timing of the amended filing holds strategic significance. According to Eric Balchunas, senior analyst at Bloomberg Intelligence, the public disclosure of specific trading details—including the ticker symbol and fee structure—typically signals that an ETF is in final regulatory stages and may launch imminently. This interpretation gains credibility given the progression from initial filing through multiple amendments.
The filing arrives shortly after Bitwise Europe launched its own Hyperliquid product: the Bitwise Hyperliquid Staking ETP on Germany's Xetra exchange, also operating under ticker BHYP but featuring staking functionality. This parallel product launch underscores Bitwise's multi-jurisdictional approach to capturing Hyperliquid exposure across institutional investor bases. The U.S. spot ETF will offer direct HYPE token exposure without staking mechanics, differentiating it from the European ETP product while maintaining brand consistency through the shared ticker designation.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.