Bitwise Hyperliquid ETF Gets Closer to Launch With Second SEC Filing

The Bitwise Hyperliquid ETF is moving steadily toward a real launch date. Bitwise Asset Management has filed a second amendment to its proposed spot Hyperliquid fund with the US Securities and Exchange Commission, this time locking in two details that typically precede a product going live: a ticker and a fee.

$BHYP and 0.67%: The Numbers That Matter

The updated filing, flagged on Friday by Bloomberg senior ETF analyst Eric Balchunas on X, reveals that Bitwise has assigned the ticker $BHYP to the fund and set a management fee of 0.67%, or 67 basis points. According to Balchunas, when an ETF filing reaches this stage, it almost always means the product is about to go live.

"HYPE is up 200% in the past year," Balchunas wrote, noting the firm was likely "trying to strike" while conditions were favorable.

That read makes sense. HYPE is up roughly 65% since January 1, trading near $41.96 at time of writing, and has gained about 182% over the past 12 months. Launching an ETF while the underlying asset is on a run is not coincidence. Bitwise knows the window is open and is pushing through it.

If approved, the fund would trade on NYSE Arca and give investors straightforward exposure to the spot price of HYPE without needing to self-custody or interact with the Hyperliquid protocol directly. That is a meaningful on-ramp for institutional capital that wants the exposure but not the operational complexity.

Staking Yield: Bitwise's Edge Over Grayscale and 21Shares

Here is the part of this story worth paying attention to. In its first amendment back in December, Bitwise indicated the fund would seek to generate additional returns through HYPE staking. That is a detail neither Grayscale nor 21Shares has explicitly included in their own competing filings. For investors choosing between three broadly similar Hyperliquid ETF products, staking yield could end up being the deciding factor.

Bitwise was the first asset manager to submit a Hyperliquid ETF filing with the SEC, doing so back in September 2024. 21Shares followed the next month with its own application. Grayscale came to the table later, submitting its filing in late March 2026. Bitwise has the head start on both filings and competitive differentiation.

That first-mover position is not just about bragging rights. Being the first to clear SEC review often translates into early AUM accumulation before competing products catch up, as the Bitcoin ETF race made clear in early 2024.

Why Hyperliquid? The Volume Numbers Tell the Story

For anyone wondering why three major asset managers are rushing to package Hyperliquid into an ETF, the trading data explains it. According to blockchain analytics platform CoinGlass, Hyperliquid broke into the top 10 crypto derivatives platforms by volume during Q1 2026. The protocol generated $492.7 billion in trading volume across the quarter, landing it just outside ninth place, trailing Coinbase by roughly $90 billion.

For context, that puts Hyperliquid in the same conversation as Binance, OKX, and Bybit in terms of derivatives activity. That is not a niche protocol anymore. That is a top-tier venue, and the ETF filings reflect that shift in perception.

The broader crypto derivatives market had a complicated Q1, with macro pressure weighing on risk appetite through much of January and February. Hyperliquid gaining derivatives market share during that environment is a stronger signal than raw volume gains in a bull run would be.

What Does This Mean for Investors?

A spot Hyperliquid ETF approval would give retail and institutional investors a regulated, brokerage-accessible way to hold HYPE. No wallets, no gas fees, no protocol risk from self-custody. For advisors managing client portfolios, an ETF wrapper removes most of the compliance friction that keeps crypto exposure off the table entirely.

The 0.67% fee Bitwise has set is competitive for a single-asset crypto ETF, particularly one with a staking yield component that could offset a portion of the management cost over time. Whether that yield mechanism survives the SEC review process in its current form is another question entirely, but the intent is there.

Right now the filing is still in the review pipeline. The SEC has not approved any of the three competing Hyperliquid ETF applications. But the mechanics of Bitwise's second amendment, the ticker assignment and fee disclosure, are the kind of preparation that comes just before launch week, not months out.

The question is whether the SEC moves fast enough to let Bitwise catch the HYPE rally while it lasts.

Frequently Asked Questions

What is the Bitwise Hyperliquid ETF?

The Bitwise Hyperliquid ETF, filed under the proposed ticker $BHYP, is a spot exchange-traded fund that would give investors direct exposure to the price of HYPE, the native token of the Hyperliquid protocol. It is currently under SEC review and would trade on NYSE Arca if approved.

What fee will the Bitwise Hyperliquid ETF charge?

Bitwise set a management fee of 0.67% (67 basis points) in its second amended filing. The fund may also generate additional returns through HYPE staking, which could partially offset the management cost for investors over time.

How does HYPE's price performance look heading into the ETF launch?

According to CoinMarketCap data, HYPE is up approximately 65% since the start of 2026, trading near $41.96. Over the past 12 months the token has gained around 182%, which is the backdrop driving urgency in Bitwise's filing timeline.

Who else is filing a Hyperliquid ETF?

Three asset managers are currently competing to launch the first spot Hyperliquid ETF. Bitwise was first to file in September 2024, followed by 21Shares a month later, and Grayscale most recently in late March 2026. None have received SEC approval yet.