Bitwise Asset Administration has reportedly taken a key step towards launching its proposed spot Hyperliquid exchange-traded fund, submitting a second modification with the US Securities and Change Fee.
In an X put up on Friday, Bloomberg senior ETF analyst Eric Balchunas highlighted that Bitwise had up to date its Hyperliquid ETF to incorporate the ticker $BHYP and had additionally set a administration price of 0.67% (67 foundation factors).
In keeping with Balchunas, the submitting of those particulars typically signifies that the product will “launch quickly.”
“HYPE is up 200% prior to now yr,” he mentioned, including that the agency was probably “attempting to strike” whereas the iron was “scorching.”
The submitting comes amid competitors from different asset managers vying to launch the primary spot ETF tied to the crypto perpetual futures protocol and blockchain, with Grayscale and 21Shares additionally pushing for related merchandise of their very own.
Bitwise was the primary of the three to submit a Hyperliquid ETF submitting with the SEC in September. 21Shares adopted a month later with its personal, whereas Grayscale submitted its submitting in late March.
If accredited, Bitwise’s ETF will commerce on the NYSE Arca inventory alternate and provide traders publicity to the spot worth of Hyperliquid.
Within the agency’s first submitting modification from December, Bitwise additionally indicated that the fund would search to generate further returns from HYPE staking — one thing Grayscale and 21Shares have not explicitly indicated their funds would do.
Hyperliquid continues to achieve traction
In keeping with knowledge from CoinGecko, the worth of HYPE is up 65% for the reason that begin of 2026 to round $41.96 on the time of writing, regardless of a tricky begin to the yr for the broader crypto market. Over 12 months, the worth of HYPE can also be up about 182%.
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Alongside a powerful token efficiency, blockchain analytics platform CoinGlass reported in early April that Hyperliquid had damaged into the highest 10 crypto derivatives platforms by quantity, becoming a member of the likes of Binance, OKX and Bybit.
Throughout Q1, Hyperliquid generated $492.7 billion in buying and selling quantity, placing it shy of ninth-placed Coinbase by about $90 billion.
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