Bitwise Files Second Amendment for Hyperliquid ETF

Bitwise files second amendment for Hyperliquid ETF, seeking approval from SEC; ticker symbol $BHYP, management fee 0.67%. Competition intensifies as other

Regulatory Update: Bitwise Files for Second Amendment to Launch Hyperliquid ETF

Bitwise Asset Management has submitted a second amendment to the US Securities and Exchange Commission (SEC) in its ongoing efforts to launch an exchange-traded fund (ETF) tied to the spot price of Hyperliquid, a crypto perpetual futures protocol. The filing includes key details such as a ticker symbol ($BHYP) and a management fee of 0.67% (or 67 basis points). Bloomberg senior ETF analyst Eric Balchunas noted that these updates typically precede an imminent launch.

Competition Heats Up: Other Firms Move Forward

The filing by Bitwise is part of a broader competition in the space, with other asset managers also pushing to be first to market. Grayscale and 21Shares have both submitted filings for similar ETFs, while Bitwise was the first to do so back in September. If approved, Bitwise's ETF will trade on the NYSE Arca stock exchange and offer investors exposure to Hyperliquid’s spot price.

Unique Features of Bitwise's Proposal

In its previous filing amendment from December, Bitwise indicated it would seek additional returns through HYPE staking—a feature not explicitly mentioned in Grayscale or 21Shares' proposals. This unique aspect could provide a competitive edge for the ETF if approved by regulators.

Strong Performance and Growing Traction

Hyperliquid continues to gain traction despite challenges faced by the broader crypto market this year. According to CoinGecko, the price of HYPE has increased by 65% since the start of 2026, reaching approximately $41.96 at the time of writing. Over a full year, the token's value has risen by about 182%. Furthermore, blockchain analytics firm CoinGlass reported that Hyperliquid broke into the top 10 crypto derivatives platforms by volume in early April.

Volume and Market Position

During Q1, Hyperliquid generated $492.7 billion in trading volume, placing it just behind Coinbase at ninth position by about $90 billion. This performance underscores the growing importance of perpetual futures protocols like Hyperliquid in the evolving landscape of crypto derivatives markets.

Regulatory Approval Process

While Bitwise’s filing is a significant step towards launching its ETF, regulatory approval remains contingent on thorough review and possible public comment periods. The race to be first with an approved spot ETF tied to Hyperliquid continues, highlighting the growing interest from asset managers and investors in this innovative crypto derivative market.

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