Full story
Bitwise files more ETFs
Bitwise filed 11 new crypto ETF applications for “Strategy” ETFs at the end of the year, with the lineup including Bittensor (TAO), Uniswap (UNI), Hyperliquid (HYPE) and Zcash (ZEC).
“Bitwise bets Hyperliquid could power future finance as HYPE ETFs gain traction Bitwise says investor demand for Hyperliquid exposure is surging as new HYPE ETFs launch”
The applications were filed on December 30, and Cryptoast said the funds would invest up to 60% of their assets directly in the cryptocurrency in question, with the remaining 40% in securities issued by exchange-traded products that invest directly or replicate performance.
Cryptoast also said the strategy ETFs may involve derivative contracts such as futures and swap agreements, with an estimated share of “at least 80% of its net assets” exposed to crypto financial products.
In a separate step toward a Hyperliquid product, TradingView reported that Bitwise filed an amendment to its HYPE ETF adding the ticker $BHYP and a management fee of 67 basis points, while Eric Balchunas said the filing included an “8-A registration” that “often indicates a security ready to begin trading on major exchanges.”
Hyperliquid ETF momentum
As Bitwise pushed toward launching its Hyperliquid ETF, TradingView said Eric Balchunas posted that the amendment “added the 8a rule, the fees (67 basis points) and the ticker $BHYP.”
TradingView also reported that Bitwise’s Bitcoin ETF (BITB) carries a 0.20% fee, framing the 67 basis point figure as higher than ultra-low-cost BTC ETFs.
In a different account of the same product’s traction, Stocktwits said Bitwise CIO Matt Hougan wrote on X that discussing Hyperliquid with financial advisors is “magic,” adding that “99% of fees goes to buying back tokens makes the conversation so easy.”
Stocktwits further said BHYP pulled in roughly $19 million in a single day on Tuesday, pushing the fund past its rival to become the world’s largest Hyperliquid ETF, and it said Bitwise CEO Hunter Horsley wrote that “BHYP is now the largest Hyperliquid ETF in the world.”
Competition and next steps
ETF competition around Hyperliquid is expanding, with ETF Trends saying the 21Shares Hyperliquid ETF (THYP) launched first on May 12 with a 30 basis point expense ratio and that 21Shares also offers the 21Shares 2x Long HYPE ETF (TXXH).
ETF Trends said Bitwise followed with the Bitwise Hyperliquid ETF (BHYP), which began trading on May 15 and differentiates itself through in-house staking and a 34 basis point expense ratio, which is waived for the first month on the first $500 million in assets.
Stocktwits added that BHYP launched on the NYSE on May 15 with a 0.34% sponsor fee, which was waived for the first month on the fund's first $500 million in assets, and it said Bitwise would allocate 10% of BHYP’s management fees to purchasing and holding HYPE on its balance sheet.
Looking ahead, TradingView said $BHYP still needs more steps before it begins trading, with “final regulator confirmations, exchange listing announcements, and ultimately its debut day” being the items market participants would watch for.
