Bitwise Asset Management has moved closer to launching a spot Hyperliquid (HYPE) exchange-traded fund by filing key details with the SEC. The filing sets the proposed fund’s ticker as BHYP and a management fee of 0.67%, which an analyst suggested indicates an imminent launch. This step comes amid a competitive race with Grayscale and 21Shares to offer the first ETF tied to the Hyperliquid protocol, as the HYPE token’s price has surged approximately 182% over the past year.
Bitwise Asset Management has filed a second amendment with the U.S. Securities and Exchange Commission for its proposed spot Hyperliquid exchange-traded fund. The updated filing specifies the ticker $BHYP and sets a management fee of 0.67%, or 67 basis points.
Bloomberg senior ETF analyst Eric Balchunas stated the filing generally means the product will “launch soon.” He noted that “HYPE is up 200% in the past year,” adding the firm was likely “trying to strike” while the iron was “hot.”
The move escalates competition with other asset managers, including Grayscale and 21Shares, which are also seeking approval for similar spot Hyperliquid ETFs. Bitwise was the first of the three to submit a filing in September, followed by 21Shares in October and Grayscale in late March.
If approved, Bitwise’s ETF would trade on the NYSE Arca exchange and provide exposure to Hyperliquid’s spot price. In its first filing amendment, Bitwise also indicated the fund would seek additional returns from HYPE staking, a feature not explicitly stated by its competitors.
Data from CoinGecko shows the HYPE token’s price is around $41.96, up 65% since the start of 2026. The token has gained roughly 182% over the last 12 months despite broader market challenges.
Analytics from CoinGlass reported that Hyperliquid entered the top 10 crypto derivatives platforms by volume in early April. The protocol generated $492.7 billion in trading volume during the first quarter, close behind Coinbase.
