- Bitwise is close to launching the first U.S. spot Hyperliquid ETF, with its amended SEC filing showing key details like ticker BHYP and a 0.67% fee.
- Despite the filing, HYPE token price has remained subdued, though staking and regulated exposure could boost long-term value.
Bitwise is on the verge of launching the first U.S. spot Hyperliquid ETF, with its amended S-1 filing submitted to the SEC, hinting that approval is imminent. The update includes key details such as the fund fee, ticker symbol, and custody protections, critical elements that usually appear just before a product hits the market.
What the Filing Means for Hyperliquid
The amended Form S-1 outlines a management fee of 0.67% and introduces the ETF ticker BHYP. Market analysts note that these late-stage updates often precede official launches, suggesting Bitwise could list the fund on the NYSE Arca within days or weeks, pending regulatory approval.
The ETF will hold Hyperliquid (HYPE) tokens physically and track a net asset value benchmark provided by CF Benchmarks, which aggregates trading data across major Hyperliquid markets. Anchorage Digital Bank will serve as custodian, safeguarding the tokens and managing staking operations.
Bitwise plans to stake a portion of the fund’s holdings, a feature expected to grow HYPE token holdings over time. This structure has become increasingly common in newer crypto ETFs, offering investors regulated exposure while potentially earning staking rewards.
Market Reaction and HYPE Price
Despite the announcement, the HYPE token has shown muted price movement. Trading around $28.80, HYPE has declined slightly over the past day and remains down more than 23% over the past month. Analysts warn that while ETF filings often create optimism, market reactions can lag until the fund officially launches.
On-chain activity has, however, drawn attention to the Hyperliquid ecosystem. Recent transfers totaling $90 million in HYPE have highlighted its network activity, positioning it among blockchains generating the highest fees.
Why the Bitwise ETF Matters
The launch of a Hyperliquid ETF marks another milestone in the rapid growth of spot crypto ETFs in the U.S., following earlier approvals for Bitcoin and Ethereum products. Investors seeking regulated exposure to emerging digital assets now have more options, and the staking feature could add long-term value for ETF holders.
With the amended S-1 in place, all signs point to an imminent debut for BHYP, potentially setting a new benchmark for single-asset crypto ETFs.
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