Bitwise Asset Management has taken another step toward launching a spot ETF tied to Hyperliquid after submitting a second amended filing to the U.S. Securities and Exchange Commission.
Bloomberg ETF analyst Eric Balchunas noted that the updated filing now includes the ticker “$BHYP” and a 0.67% management fee, details that typically indicate an ETF is nearing approval and launch. He suggested that issuers are likely moving quickly to capture momentum as interest in the underlying asset continues to rise.
ETF Competition Builds Among Major Asset Managers
Bitwise is not alone in pursuing exposure to Hyperliquid. Rival firms Grayscale and 21Shares have also submitted competing filings for similar spot products. Bitwise was the first to file in September, followed by 21Shares and later Grayscale in March.
If approved, the ETF would list on NYSE Arca and provide investors with direct exposure to the spot price of HYPE, the native token of Hyperliquid. Bitwise’s earlier filings also suggest potential staking based yield generation, which could differentiate its product from competitors.
Hyperliquid Growth Strengthens Market Interest
The Hyperliquid ecosystem has seen strong momentum, with the HYPE token rising significantly over the past year. The protocol has also entered the top tier of global derivatives platforms, ranking alongside major exchanges such as Binance and OKX by trading volume.
Recent data shows Hyperliquid generated nearly $493 billion in Q1 trading volume, placing it close to Coinbase’s derivatives activity. This rapid growth has fueled expectations that demand for regulated investment products tied to the platform could continue to increase.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.