Bitwise updates Hyperliquid ETF filing as race for first spot fund builds

Bitwise Asset Management has taken another step in its effort to launch a spot Hyperliquid exchange-traded fund in the United States. 

The firm filed a second amendment with the US Securities and Exchange Commission, adding new details to its proposed product as competition in the category continues to grow.

The updated filing included the ticker BHYP and a management fee of 0.67%. Bloomberg senior ETF analyst Eric Balchunas said those additions often suggest a product may be getting closer to market, while other issuers continue to pursue similar funds tied to Hyperliquid.

Balchunas said in a post on X that Bitwise had updated its filing to include the BHYP ticker and a 67-basis-point fee. He said such details usually mean the fund may “launch soon.” He also noted that HYPE had risen sharply over the past year as issuers move to meet growing investor interest.

If approved, the Bitwise product will trade on NYSE Arca and aim to track the spot price of Hyperliquid. The filing marks the latest move in Bitwise’s push to bring a fund linked to the crypto perpetual futures protocol and blockchain to the US market.

In addition, Bitwise was the first asset manager among the current group to file for a Hyperliquid ETF. The company submitted its proposal in September. 21Shares followed one month later, while Grayscale entered the race in late March with its own filing.

The latest amendment keeps Bitwise in focus as firms compete to launch the first spot fund tied to HYPE. The category remains new, and approval would give investors a regulated way to gain exposure to the token through a traditional exchange-traded product.

Staking feature sets Bitwise apart

In its earlier amended filing from December, Bitwise said the fund could also seek added returns through HYPE staking. That feature sets its proposal apart from the filings submitted by Grayscale and 21Shares, which have not clearly stated that their products would include staking income.

That structure may give Bitwise a different position in the current race. It also shows how issuers are trying to shape crypto ETF products beyond simple spot exposure as they wait for the SEC to decide on approval.

Hyperliquid posts strong market growth

Hyperliquid has continued to gain traction in 2026. CoinGecko data showed HYPE was up about 65% since the start of the year, trading around $42 at the time of writing. Over the past 12 months, the token had gained about 176%.

The network has also expanded its share of derivatives trading activity. CoinGlass reported in early April that Hyperliquid had entered the top 10 crypto derivatives platforms by volume. 

The platform generated $492.7 billion in trading volume during the first quarter, placing it just below Coinbase by roughly $90 billion.