Bitwise Tightens Hyperliquid ETF Details With Second SEC Filing—Launch Imminent

Bitwise Asset Management is making concrete moves toward a Hyperliquid spot ETF launch, filing its second amendment with the SEC and locking in critical product details that suggest regulatory approval could come soon.

The filing now includes the official ticker symbol $BHYP and a management fee of 0.67% (67 basis points)—moves Bloomberg's senior ETF analyst Eric Balchunas flagged as strong indicators of an imminent launch. In an X post Friday, Balchunas noted that Bitwise appears to be capitalizing on HYPE's explosive momentum, which has surged 200% over the past year.

"HYPE is up 200% in the past year," Balchunas wrote, suggesting Bitwise is "trying to strike while the iron is hot."

The Competitive Landscape Heats Up

Bitwise isn't alone in pursuing spot Hyperliquid crypto exposure. Grayscale and 21Shares are both racing to launch competing ETFs tied to the protocol. Bitwise moved first with its September filing, followed by 21Shares in October and Grayscale in late March. This three-way competition underscores growing institutional appetite for alternative asset class exposure beyond Bitcoin and Ethereum.

Once approved, Bitwise's product will trade on NYSE Arca, giving mainstream investors direct spot price exposure to HYPE through traditional brokerage accounts.

Staking Revenue: A Bitwise Edge

Here's where Bitwise's strategy diverges from competitors. The firm signaled in its December amendment that it intends to generate additional returns through HYPE staking—a revenue stream neither Grayscale nor 21Shares have explicitly committed to pursuing. This could provide fund holders with enhanced yield potential, though it also introduces operational complexity.

HYPE's Remarkable Run

The token performance backing this ETF race is genuinely impressive. HYPE has climbed 65% since the start of 2026 and sits around $41.96 at writing. Over 12 months, the token is up approximately 182%, defying broader crypto market headwinds.

The gains extend beyond price action. Blockchain analytics platform CoinGlass reported in early April that Hyperliquid had infiltrated the top 10 crypto derivatives platforms by volume during Q1, trading $492.7 billion in volume. That puts it within striking distance of ninth-place Coinbase (which recorded roughly $582.7 billion), alongside heavyweights like Binance, OKX, and Bybit.

This trajectory matters for crypto analysis and portfolio construction—Hyperliquid's emergence as a legitimate trading venue validates the protocol's infrastructure and liquidity while potentially signaling institutional consolidation around fewer, higher-quality derivatives platforms.