Bitwise Signals Imminent Hyperliquid ETF Launch With Ticker and Fee Disclosure
Bitwise amends its Hyperliquid ETF filing, setting the BHYP ticker and a 0.67% fee, signaling a potential launch is near.
Bitwise has taken a decisive step toward launching a U.S.-listed exchange-traded fund tied to Hyperliquid, amending its registration filing to lock in both a ticker symbol and a management fee. The update, submitted Monday to the U.S. Securities and Exchange Commission, is widely seen as a late-stage move that often precedes approval and market debut.
According to the amended prospectus, the proposed Bitwise Hyperliquid ETF would trade on NYSE Arca under the ticker BHYP and carry an annual management fee of 0.67%. In the competitive world of crypto ETFs, these details matter. Finalizing a ticker and fee structure typically indicates that an issuer is confident enough in the regulatory process to prepare for launch logistics, marketing, and distribution.
Bloomberg Intelligence ETF analyst Eric Balchunas highlighted the significance of the amendment, noting that the filing now includes several elements that usually appear close to the finish line. He pointed to the finalized economics, updated effectiveness language, and ticker assignment as strong signals that the fund could be nearing approval, writing that such changes “usually mean launch imminent.”
Bitwise first submitted its Form S-1 for the Hyperliquid ETF in September, making it the earliest asset manager to seek U.S. approval for a spot fund offering exposure to HYPE, the native token of the Hyperliquid network. At the time, the filing stood out as part of a broader shift in the ETF market, where issuers are increasingly looking beyond bitcoin and ether toward newer blockchain ecosystems.
That trend is becoming more pronounced as competition around Hyperliquid-linked products starts to emerge. In October, 21Shares filed its own registration statement for a Hyperliquid ETF. However, unlike Bitwise, that proposal has not yet disclosed a ticker symbol or management fee, leaving Bitwise a step ahead in terms of readiness and transparency.
The proposed ETF is structured to track the value of HYPE held by the trust, net of expenses. In addition to spot exposure, the filing indicates that the fund would seek to generate incremental returns through staking, a feature that reflects how proof-of-stake economics are increasingly being incorporated into regulated investment vehicles. Anchorage Digital Bank is listed as the custodian for the fund’s assets, underscoring the institutional-grade infrastructure backing the proposal.
Hyperliquid itself has gained attention as a Layer 1 blockchain built around decentralized derivatives trading, with a particular focus on perpetual futures. The network has seen rapid growth over the past year as traders move on-chain in search of greater transparency and direct access to liquidity. That momentum has made HYPE an attractive candidate for issuers looking to capture demand for exposure to emerging crypto networks within a regulated wrapper.
If approved, the Bitwise Hyperliquid ETF would mark another milestone in the expansion of the U.S. crypto ETF market. More broadly, it would signal that regulators and issuers alike are becoming more comfortable with funds tied to newer Layer 1 tokens, reflecting a market that is steadily evolving beyond its early focus on bitcoin and ether.
