Bitwise Asset Management has filed a second amendment with the U.S. Securities and Exchange Commission (SEC) for its proposed spot Hyperliquid exchange-traded fund (ETF), moving the product closer to a potential launch. The updated filing, highlighted by Bloomberg senior ETF analyst Eric Balchunas, specifies the ETF's ticker as $BHYP and sets a management fee of 0.67% (67 basis points).
Balchunas noted that such detailed filings typically indicate a product will "launch soon." He added that Bitwise appears to be "trying to strike" while the iron is "hot," referencing the HYPE token's impressive 200% gain over the past year.
The filing reveals a competitive race among asset managers to launch the first spot ETF tied to the Hyperliquid perpetual futures protocol and blockchain. Bitwise was the first to file in September 2025, followed by 21Shares a month later, and Grayscale in late March 2026.
A key differentiator for Bitwise's fund is its plan to generate additional returns through staking a portion of its HYPE holdings, a feature not explicitly indicated in the competing filings from Grayscale and 21Shares. Anchorage Digital Bank is named as the provider for custody and staking services.
The filing also includes an 8-A registration statement, a critical step that would allow the ETF to be listed and traded on major exchanges like NYSE Arca.
This development comes amid strong momentum for the Hyperliquid ecosystem. According to CoinGecko, the HYPE token price is up 65% since the start of 2026 to around $41.96, and has gained approximately 182% over 12 months. Furthermore, analytics platform CoinGlass reported in early April that Hyperliquid had broken into the top 10 crypto derivatives platforms by volume, generating $492.7 billion in trading volume during Q1 2026.
