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Bitwise ETF Filing
Bitwise filed an updated S-1 for a proposed ETF tied to Hyperliquid's HYPE token.
“Bitwise filed for a proposed exchange-traded fund holding Hyperliquid's HYPE token directly, trading under ticker BHYP on NYSE Arca”
The filing includes a ticker BHYP and a 0.67% annual management fee.
The fund aims to hold HYPE directly and trade on NYSE Arca.
It includes a staking component with about 85% of rewards retained after fees.
Custody will be handled by Anchorage Digital.
HYPE has surged around 200% over the last 12 months.
Other asset managers including Grayscale, 21Shares, and VanEck are also eyeing HYPE-linked ETFs.
Competitive Landscape
Bitwise is one of four asset managers pursuing U.S. spot ETF exposure to HYPE.
21Shares filed in October 2025, Grayscale in March 2026, and VanEck plans VHYP.
The European market has already seen Bitwise launch a staking ETP on Xetra.
Hyperliquid recorded $492.7 billion in trading volume during the first quarter.
Staking Component
Bitwise's ETF includes a staking component that sets it apart from competitors.
“47 people had been injured, including 12 in critical condition”
The fund would stake a portion of its holdings to earn additional tokens.
About 85% of staking rewards are retained after fees.
This reflects Hyperliquid's fee buyback-and-burn mechanism.
The staking feature may give Bitwise a different position in the current race.
Market Growth and Risks
Hyperliquid has shown strong real adoption with a TVL of over $1.68 billion.
Its perpetual DEX platform handled over $200 billion in volume last month.
HYPE has risen 66% since the start of 2026 to around $41.80.
Other altcoin ETFs have struggled to attract funds.
The SEC has not yet approved any of the four pending U.S. applications.