Bitwise Asset Management has filed a second amendment with the SEC for its proposed spot Hyperliquid ETF, detailing a 0.67% management fee and the ticker BHYP. This move signals progress as competition intensifies, with 21Shares and Grayscale also filing for similar products. The investment case is bolstered by strong gains in the HYPE token and substantial derivative trading volumes on the Hyperliquid platform.
Bitwise Asset Management has advanced its proposed spot Hyperliquid exchange-traded fund by filing a second amendment with the U.S. Securities and Exchange Commission. The updated filing introduces the fund’s ticker, BHYP, and a proposed management fee of 0.67%.
Senior ETF Analyst at Bloomberg Eric Balchunas noted that a ticker and fee typically indicate a product is nearing market readiness. Bitwise now faces competition from 21Shares, which filed in December, and Grayscale, which filed its proposal in March.
The native HYPE token has recorded strong market gains, strengthening the case for an ETF. Furthermore, the Hyperliquid platform reported $492.7 billion in derivatives trading volume for the first quarter.
If approved, the ETF is expected to list on NYSE Arca and track Hyperliquid’s spot price. Bitwise has also indicated it may employ staking strategies to enhance returns, a feature not clearly outlined by competitors.
