Bitwise Asset Management has moved a significant step closer to launching the first U.S. spot exchange-traded fund tied to the Hyperliquid blockchain. The firm submitted a second amended filing with the Securities and Exchange Commission on April 8, 2026, revealing critical details including its proposed ticker and management fee. This action intensifies a three-way race with rivals Grayscale and 21Shares.
Bitwise’s Hyperliquid ETF Filing Adds Ticker and Fee
According to a post on X by Bloomberg senior ETF analyst Eric Balchunas, Bitwise’s latest filing amendment specifies the fund’s ticker as $BHYP. The document also sets an annual management fee of 0.67%, or 67 basis points. Balchunas noted that the inclusion of such operational details typically signals a product is in its final stages before launch. “The filing of these details generally indicates that the product will ‘launch soon,'” he stated. He connected the timing to the asset’s performance, adding, “HYPE is up 200% in the past year,” suggesting Bitwise was “trying to strike” while the iron was “hot.”
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This filing represents Bitwise’s second amendment. The first, submitted in December 2025, initially outlined the fund’s structure. If approved, the Bitwise Hyperliquid ETF will trade on the NYSE Arca exchange. It aims to track the spot price of Hyperliquid’s native HYPE token. A key differentiator from competitors is Bitwise’s stated intent to seek additional returns through HYPE staking—a feature not explicitly mentioned in rival proposals.
The Competitive Arena for a Hyperliquid ETF
The push for a Hyperliquid ETF has become a competitive contest among major asset managers. Bitwise was the first to file with the SEC in September 2025. 21Shares followed with its own filing in October 2025. Grayscale entered the race later, submitting its application in late March 2026. Each firm is vying to be first to market with a spot ETF linked to this specific crypto perpetual futures protocol and its underlying blockchain.
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This competition mirrors earlier races for Bitcoin and Ethereum ETFs, where being first often conferred a substantial market share advantage. The SEC’s review process for these novel products remains meticulous. Analysts watch for comments and amendments as indicators of regulatory dialogue and potential approval timelines. The simultaneous filings suggest asset managers see growing institutional and retail demand for structured exposure to Hyperliquid’s ecosystem.
What This Means for Investors and the Market
The introduction of a spot Hyperliquid ETF would provide a regulated, familiar vehicle for investors to gain exposure to HYPE without directly holding the cryptocurrency. This could potentially widen the investor base. The proposed 0.67% fee is a critical data point for cost comparison. Industry watchers note that fee structures are often a major battleground for ETF issuers seeking to attract assets.
Furthermore, Bitwise’s plan to engage in staking is notable. It represents an attempt to generate yield within the ETF wrapper, a feature that has drawn both interest and regulatory scrutiny in other crypto ETF contexts. This could make the Bitwise product more attractive if it delivers higher net returns compared to a simple spot-tracking fund.
Hyperliquid’s Rising Market Profile
Interest in an ETF coincides with Hyperliquid’s growing prominence in the cryptocurrency sector. Data from CoinGecko shows the price of HYPE was approximately $41.96 on April 11, 2026. This marks a 65% increase since the beginning of the year. The gain is notable given broader market volatility in early 2026. Over a 12-month period, HYPE is up about 182%.
Beyond token price, the Hyperliquid protocol has seen substantial growth in usage. Blockchain analytics platform CoinGlass reported in early April 2026 that Hyperliquid had entered the top 10 crypto derivatives platforms by trading volume. This places it alongside established giants like Binance, OKX, and Bybit. During the first quarter of 2026, Hyperliquid generated $492.7 billion in trading volume. This figure was just $90 billion short of Coinbase’s volume for the same period.
Key Hyperliquid Metrics (Q1 2026):
- Derivatives Trading Volume: $492.7 billion
- Platform Ranking: Top 10 globally
- HYPE Token Performance (YTD): +65%
- HYPE Token Performance (1-Year): +182%
Regulatory Hurdles and the Path Forward
The SEC’s approval is not guaranteed. The regulator has historically been cautious about approving spot crypto ETFs, requiring extensive dialogue around custody, market manipulation safeguards, and investor protections. The novel nature of Hyperliquid’s underlying technology—a blockchain specialized for perpetual futures trading—adds another layer of complexity for regulators to assess.
Each amended filing from Bitwise is seen as a response to SEC feedback, moving the proposal closer to a format the agency might accept. The next major milestone will be the SEC’s decision to approve, deny, or further delay the 19b-4 exchange rule change and the S-1 registration statement. Market participants are watching for similar amendments from Grayscale and 21Shares as signals of their progress.
Conclusion
Bitwise’s second amended filing for its spot Hyperliquid ETF provides concrete details like the $BHYP ticker and a 0.67% fee, marking a tangible step toward a potential launch. The move tightens the race with Grayscale and 21Shares to offer the first such product. Approval would signal the SEC’s growing comfort with ETFs tied to specific crypto ecosystems beyond Bitcoin and Ethereum. For the Hyperliquid protocol, a successful ETF launch would likely bring increased mainstream attention and liquidity, validating its rapid ascent within the crypto derivatives sector. The coming weeks will be critical as the SEC reviews these competing filings.
FAQs
Q1: What is the Bitwise Hyperliquid ETF?
The Bitwise Hyperliquid ETF is a proposed exchange-traded fund that would track the spot price of the HYPE token from the Hyperliquid blockchain. It would trade on the NYSE Arca under the ticker $BHYP.
Q2: What is the proposed management fee for the Bitwise Hyperliquid ETF?
Bitwise’s amended filing sets an annual management fee of 0.67% (67 basis points) for the proposed Hyperliquid ETF.
Q3: How does Bitwise’s ETF proposal differ from those by Grayscale and 21Shares?
A key difference is that Bitwise has indicated its fund would seek to generate additional returns through HYPE staking. Grayscale and 21Shares have not explicitly included this feature in their current filings.
Q4: What does the latest filing amendment indicate about the launch timeline?
According to Bloomberg analyst Eric Balchunas, the inclusion of specific operational details like the ticker and fee in an amended filing generally suggests the product is nearing its launch phase, pending SEC approval.
Q5: Why is there so much competition for a Hyperliquid ETF?
Asset managers compete to be first to market with new financial products because the first mover often captures significant market share and brand recognition. Hyperliquid’s strong growth in derivatives trading and token price has made it an attractive candidate for ETFization.
This article was produced with AI assistance and reviewed by our editorial team for accuracy and quality.
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