Key Takeaways
- • Grayscale has filed a third amendment to its Hyperliquid (HYPE) ETF registration, positioning itself competitively within a four-issuer race that includes Bitwise, 21Shares, and VanEck to launch U.S. spot HYPE exposure.
- • Grayscale replaced Coinbase Custody with Anchorage Digital Bank as the custodian for its proposed Hyperliquid ETF, signaling refinement of its offering structure ahead of potential SEC approval.
- • Grayscale has signaled intent to incorporate staking rewards into its HYPE ETF at a later date, pending specific regulatory and operational conditions—a potential differentiation strategy against competing products.
- • Bitwise launched its European Hyperliquid Staking ETP (BHYP) on Deutsche Boerse Xetra on April 9, 2026, one day before filing its second U.S. amendment, with a 0.67% management fee and approximately 85% of staking rewards retained after fees.
- • HYPE token has appreciated 200% over the past year, driven by Hyperliquid's fee buyback mechanism and record perpetuals trading volume, creating institutional demand for regulated spot ETF access.
Summary
The institutional race to launch a U.S. spot exchange-traded fund for Hyperliquid's HYPE token has intensified, with Grayscale, Bitwise, 21Shares, and VanEck all advancing regulatory filings in April 2026. Grayscale's third amendment to its ETF registration, combined with custodial and structural changes, reflects a competitive landscape where multiple asset managers are positioning nearly simultaneous launches to capture demand from institutional investors seeking regulated exposure to the decentralized derivatives platform.
Grayscale's strategic moves include replacing Coinbase Custody with Anchorage Digital Bank as custodian—a change filed on April 20, 2026—and explicitly reserving the right to introduce staking rewards into its product structure at a future date, contingent on regulatory clearance and operational feasibility. This potential staking component could serve as a competitive differentiator in a crowded field, as staking yields would enhance the risk-adjusted return profile relative to non-staking alternatives.
Bitwise has accelerated its pace of advancement, filing a second amendment to its U.S. HYPE ETF (BHYP) on April 10, 2026, while simultaneously launching its Bitwise Hyperliquid Staking ETP on Deutsche Boerse Xetra on April 9, 2026. The European product features a 0.67% annual management fee and retains approximately 85% of staking rewards after fees, establishing a template that may inform Bitwise's U.S. offering. According to Bloomberg senior ETF analyst Eric Balchunas, such repeated amendments typically precede imminent SEC approval and listing, suggesting the competitive timeline has compressed significantly.
The underlying asset has demonstrated substantial appreciation—HYPE has gained 200% over the past 12 months, driven by Hyperliquid's fee buyback-and-burn mechanism and record perpetuals trading volume. The 0.67% management fee structure cited by Bitwise exceeds the 0.20–0.25% range typical of bitcoin spot ETFs, reflecting the higher-margin revenue profile of decentralized perpetuals exchanges relative to spot markets. U.S. regulatory approval for any of these products remains pending as of May 2026, with no confirmed launch date announced by the SEC.
Grayscale's strategic moves include replacing Coinbase Custody with Anchorage Digital Bank as custodian—a change filed on April 20, 2026—and explicitly reserving the right to introduce staking rewards into its product structure at a future date, contingent on regulatory clearance and operational feasibility. This potential staking component could serve as a competitive differentiator in a crowded field, as staking yields would enhance the risk-adjusted return profile relative to non-staking alternatives.
Bitwise has accelerated its pace of advancement, filing a second amendment to its U.S. HYPE ETF (BHYP) on April 10, 2026, while simultaneously launching its Bitwise Hyperliquid Staking ETP on Deutsche Boerse Xetra on April 9, 2026. The European product features a 0.67% annual management fee and retains approximately 85% of staking rewards after fees, establishing a template that may inform Bitwise's U.S. offering. According to Bloomberg senior ETF analyst Eric Balchunas, such repeated amendments typically precede imminent SEC approval and listing, suggesting the competitive timeline has compressed significantly.
The underlying asset has demonstrated substantial appreciation—HYPE has gained 200% over the past 12 months, driven by Hyperliquid's fee buyback-and-burn mechanism and record perpetuals trading volume. The 0.67% management fee structure cited by Bitwise exceeds the 0.20–0.25% range typical of bitcoin spot ETFs, reflecting the higher-margin revenue profile of decentralized perpetuals exchanges relative to spot markets. U.S. regulatory approval for any of these products remains pending as of May 2026, with no confirmed launch date announced by the SEC.
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