Bitwise amends registration for Hyperliquid HYPE-Linked ETF, proposing listing on NYSE Arca with ticker BHYP. Tracks HYPE token price, includes staking com
Bitwise Files Amended Registration for Hyperliquid HYPE-Linked ETF
Crypto asset manager Bitwise has recently amended its registration statement with the U.S. Securities and Exchange Commission (SEC) to propose an exchange-traded fund (ETF) tied to Hyperliquid's HYPE token. The updated filing indicates that this proposed ETF would be listed on NYSE Arca under the ticker symbol BHYP.
Fund Structure and Management
Bitwise aims for the new fund to track the price of the underlying HYPE token, thereby providing investors with direct exposure without needing to engage in crypto exchanges or manage their own wallets. The filing details a 0.67% annual management fee and outlines custody arrangements with Anchorage Digital, a federally chartered cryptocurrency bank.
Staking Component
A notable feature included in the proposed product is its staking component. Bitwise plans for the ETF to stake approximately 15% of its holdings to earn additional HYPE tokens. Post-fees, about 85% of these staking rewards are anticipated to be retained by the fund.
Market Context and Competition
The filing comes at a time when Hyperliquid's HYPE token has seen significant appreciation over the past year. Over the last 12 months, the price of HYPE has surged by approximately 200%, largely due to its role as a leading platform for decentralized trading of perpetual contracts, including those related to traditional financial products.
Other players in the space are also eyeing opportunities with HYPE. Grayscale recently filed an application to list an ETF under the ticker GHYP on Nasdaq. Additionally, asset managers 21Shares and VanEck have also submitted filings to introduce their own HYPE-linked ETFs.
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