Bitwise Advances Hyperliquid ETF Bid with Updated SEC Filing

Bitwise is intensifying its push to bring Hyperliquid (HYPE) to the U.S. equity markets, filing an updated registration statement with the SEC for a spot ETF. The proposed fund, which would trade under the ticker BHYP on the NYSE Arca, is designed to track the price of the HYPE token, removing the need for investors to manage private wallets or navigate crypto exchanges. The filing comes as competition heats up among major asset managers. Grayscale has already filed for a similar product under the ticker GHYP on the Nasdaq, while 21Shares and VanEck are also pursuing HYPE-linked instruments. This race reflects the growing institutional interest in Hyperliquid, which has emerged as a leading decentralized platform for perpetual contracts. A key feature of the Bitwise proposal is the integration of a staking component. The fund intends to stake a portion of its HYPE holdings to generate additional returns, with approximately 85% of those rewards retained for the fund after fees. The filing specifies an annual management fee of 0.67% and names Anchorage Digital, a federally chartered crypto bank, as the custodian. The HYPE token has seen significant momentum, surging approximately 200% over the last 12 months. The introduction of a regulated ETF wrapper could further legitimize the asset and provide a streamlined entry point for traditional capital, potentially increasing liquidity and volatility for the underlying token.