Bitwise Asset Management has reportedly taken a key step toward launching its proposed spot Hyperliquid exchange-traded fund, filing a second amendment with the US Securities and Exchange Commission.
In an X post on Friday, Bloomberg senior ETF analyst Eric Balchunas highlighted that Bitwise had updated its Hyperliquid ETF to include the ticker $BHYP and had also set a management fee of 0.67% (67 basis points).
According to Balchunas, the filing of these details generally indicates that the product will “launch soon.”
“HYPE is up 200% in the past year,” he said, adding that the firm was likely “trying to strike” while the iron was “hot.”
The filing comes amid competition from other asset managers vying to launch the first spot ETF tied to the crypto perpetual futures protocol and blockchain, with Grayscale and 21Shares also pushing for similar products of their own.
Bitwise was the first of the three to submit a Hyperliquid ETF filing with the SEC in September. 21Shares followed a month later with its own, while Grayscale submitted its filing in late March.
If approved, Bitwise’s ETF will trade on the NYSE Arca stock exchange and offer investors exposure to the spot price of Hyperliquid.
In the firm’s first filing amendment from December, Bitwise also indicated that the fund would seek to generate additional returns from HYPE staking — something Grayscale and 21Shares haven’t explicitly indicated their funds would do.
Hyperliquid continues to gain traction
According to data from CoinGecko, the price of HYPE is up 65% since the start of 2026 to around $41.96 at the time of writing, despite a tough start to the year for the broader crypto market. Over 12 months, the price of HYPE is also up about 182%.
Related: BlackRock Bitcoin ETF sees $269M inflows, best day since early March
Alongside a strong token performance, blockchain analytics platform CoinGlass reported in early April that Hyperliquid had broken into the top 10 crypto derivatives platforms by volume, joining the likes of Binance, OKX and Bybit.
During Q1, Hyperliquid generated $492.7 billion in trading volume, putting it shy of ninth-placed Coinbase by about $90 billion.
Magazine: Should users be allowed to bet on war and death in prediction markets?