On April 13, 2026, Bitwise Asset Management took a definitive step toward launching the first regulated investment vehicle focused on the Hyperliquid ecosystem by submitting its second amendment to the S-1 registration statement for the Bitwise Hyperliquid ETF. The amended filing officially designates the ticker symbol 'BHYP' for the fund and sets the management fee at a competitive 67 basis points. This fee structure is strategically positioned to attract institutional investors by undercutting the 75 to 90 basis point range typical for newer, specialized digital asset ETFs.
Bitwise CEO Hunter Horsley noted the fee was calibrated to balance the 'hardened' security and custodial requirements with the need for high capital efficiency. The ETF is designed to track the performance of the HYPE token, the foundational utility and governance asset for the Hyperliquid Layer 1 blockchain. The fund will utilize a multi-custodial approach with Coinbase Prime and BitGo, holding HYPE tokens in 'cold vault' environments with institutional-grade insurance to mitigate protocol risk.
The filing arrives during the 2026 'Institutional Supercycle,' with analysts suggesting Bitwise's early move could secure a first-mover advantage. The SEC is expected to issue a final decision by late June, coinciding with broader regulatory implementations.
Concurrently, on-chain data confirmed that on April 11, 2026, Arthur Hayes, co-founder of BitMEX and CIO at Maelstrom, executed a significant strategic acquisition of 26,022 HYPE tokens for approximately $1.1 million. This brings his total holdings to 247,334 HYPE, valued at over $10.4 million, and marks his first major accumulation in nearly three months.
Hayes publicly declared Hyperliquid is the 'only asset' his fund is currently buying, reinforcing an aggressive price target of $150 by August 2026. His investment thesis centers on Hyperliquid's revenue model, which captures nearly 40% of total decentralized perpetual trading volume, generating over $1 billion in annualized fees. The platform uses 97% of its revenue to buy back and burn HYPE tokens, creating a deflationary loop. Hayes views the current price as a 'generational entry' point ahead of anticipated institutional capital inflows.
