Bitwise moves toward Hyperliquid ETF debut with updated SEC submission
The updated regulatory submission arrives as Hyperliquid has secured a position among the top 10 cryptocurrency derivatives exchanges by trading volume, while HYPE has surged 65% year-to-date even as the wider market faces headwinds.
Bitwise Asset Management has taken what appears to be a significant stride forward in bringing its proposed spot Hyperliquid exchange-traded fund to market, submitting a second amended filing with the US Securities and Exchange Commission.
Through a Friday post on X, Eric Balchunas, Bloomberg's senior ETF analyst, noted that Bitwise had revised its Hyperliquid ETF documentation to incorporate the ticker symbol $BHYP while also establishing a management fee structure of 0.67% (67 basis points).
Based on Balchunas' analysis, the inclusion of such specific details in regulatory filings typically suggests that the financial product is positioned to "launch soon."
"HYPE is up 200% in the past year," he stated, suggesting that the company was presumably "trying to strike" while the iron was "hot."
This regulatory submission arrives during a period of heightened competition among asset management firms racing to introduce the first spot ETF connected to the crypto perpetual futures protocol and blockchain, as both Grayscale and 21Shares are simultaneously pursuing comparable financial products.
Among the three competing firms, Bitwise was the earliest to lodge a Hyperliquid ETF application with the SEC in September. 21Shares entered the race a month later with its own submission, while Grayscale filed its application in late March.
Upon receiving regulatory approval, Bitwise's ETF is scheduled to be listed on the NYSE Arca stock exchange and will provide investors with direct exposure to the spot price of Hyperliquid.
According to the firm's initial filing amendment submitted in December, Bitwise also revealed that the fund would aim to produce additional returns through HYPE staking — a feature that Grayscale and 21Shares have not specifically mentioned their funds would incorporate.
Hyperliquid continues to gain traction
Based on information from CoinGecko, the price of HYPE has climbed 65% from the beginning of 2026 to approximately $41.96 as of this writing, notwithstanding a challenging start to the year for the overall cryptocurrency market. Looking back over a 12-month period, the price of HYPE has also increased by roughly 182%.
In addition to robust token price performance, blockchain analytics platform CoinGlass disclosed in early April that Hyperliquid had achieved entry into the top 10 crypto derivatives platforms by volume, placing it alongside industry giants such as Binance, OKX and Bybit.
Throughout Q1, Hyperliquid produced $492.7 billion in trading volume, positioning it just below ninth-placed Coinbase by approximately $90 billion.