Bitwise Asset Management has taken another step toward launching its proposed spot Hyperliquid exchange-traded fund, filing a second amendment with the U.S. Securities and Exchange Commission that specifies the fund’s ticker BHYP and a management fee of 0.67%.

In a post on X, Bloomberg senior ETF analyst Eric Balchunas noted that such filings typically signal that the product is nearing the start of trading, and he highlighted that HYPE has surged over the past year, suggesting Bitwise is “trying to strike” while demand remains strong.

The filing arrives as asset managers press to launch the first spot ETF tied to a crypto perpetual futures protocol and blockchain, a race that also includes Grayscale and 21Shares pursuing similar Hyperliquid products. Bitwise was the first to submit a Hyperliquid ETF filing with the SEC in September, followed by 21Shares a month later and then Grayscale in late March. For context, see prior coverage of those filings here: Bitwise, 21Shares, Grayscale.

If approved, Bitwise’s ETF would trade on the NYSE Arca and provide investors with exposure to the spot price of Hyperliquid. In the December amendment, Bitwise also signaled that the fund would seek to generate additional returns from HYPE staking—a feature not explicitly indicated by Grayscale or 21Shares in their respective filings.

Key takeaways

• Bitwise updates its Hyperliquid ETF to include the BHYP ticker and a 0.67% management fee, signaling a potential near-term launch.
• The Hyperliquid ETF race features Grayscale and 21Shares alongside Bitwise, with Bitwise leading off in September, then 21Shares, then Grayscale.
• If approved, the fund would list on NYSE Arca and track the spot price of Hyperliquid; Bitwise’s staking plan for HYPE marks a notable differentiator.
• Hyperliquid’s native token has shown strong momentum, up about 65% in 2026 to around $41.96 and roughly 182% over the past year, according to CoinGecko.
• CoinGlass data placed Hyperliquid among the top 10 crypto derivatives venues by early April, with Q1 volume at $492.7 billion, trailing Coinbase by about $90 billion in that period.

Regulatory filings and industry momentum

The SEC filings underpin a larger wave of interest in traditional-market vehicles tied to crypto assets. Bitwise’s newest amendment clarifies that BHYP would trade on the NYSE Arca, a critical step toward a potential listing date, should regulators sign off. The December amendment’s staking provision adds a yield-centric angle to the vehicle, positioning the fund as not just a spot exposure tool but also a potential source of staking-driven returns.

Industry coverage traces a clear sequence: Bitwise kicked off the Hyperliquid ETF filings, followed by 21Shares and then Grayscale, each seeking to map the same “spot” exposure to a crypto-derivative ecosystem. This cadence illustrates how sponsors are racing to set precedent in a space where the SEC’s acceptance could unlock broader retail access to crypto-derivative concepts via traditional exchanges.

HYPE’s market trajectory matters beyond token price. A rising price path can attract more investor attention to an ETF that promises direct exposure to the spot market, while staking features introduce a structural difference from peers. The SEC’s eventual decision on these filings remains the central pivot—readers should watch for any updates on the regulators’ stance, timing, and any evolving disclosures from the sponsors.

Market momentum and what it could mean for investors

Hyperliquid’s token, HYPE, has been one of the more notable performers in the crypto space this year. CoinGecko data shows the token gaining roughly 65% since the start of 2026, trading near $41.96 at the time of writing, with a 12-month gain around 182%. While price strength alone does not guarantee ETF success, it contributes to a more compelling case for a spot product that could offer daily settlement and transparent price discovery on a major U.S. exchange.

On the broader derivatives front, CoinGlass reported in early April that Hyperliquid had breached the top-10 derivatives platforms by trading volume, joining heavyweights such as Binance, OKX and Bybit. In the first quarter, the platform processed $492.7 billion in trading volume, trailing Coinbase by roughly $90 billion for the period. These metrics help explain why sponsors are eager to offer a regulated, easy-on-ramp vehicle that could capture a share of ongoing derivatives activity in a compliant wrapper.

The convergence of rising token momentum, active trader interest in derivatives, and the prospect of a U.S.-listed spot ETF creates a nuanced backdrop for Bitwise, Grayscale and 21Shares. The industry is watching not only the SEC’s decision window but also how each sponsor positions the product—whether through staking yield, fee structure, or the depth of liquidity provision at launch.

Bitwise’s historical filings provide additional context: the initial Hyperliquid filing in September started the clock on the race to be first with a spot ETF in this niche. For those tracking the progression, see the prior Cointelegraph coverage linked here: Bitwise filing, 21Shares filing, Grayscale filing.

As the regulatory clock advances, the next milestones—SEC comments, potential approvals, and the final listing date on NYSE Arca—will be critical to gauge how quickly a spot Hyperliquid ETF could debut and what its early liquidity profile might look like.

Readers should watch for updates on the SEC’s review timeline and any refinements in the funds’ disclosures, especially around staking mechanics and yield expectations, which could influence initial demand and arbitrage dynamics once trading begins.

Bitwise’s push, joined by Grayscale and 21Shares, signals a broader push toward regulated crypto-access points that mix spot exposure with product-level incentives. Whether this wave translates into a meaningful market shift or remains a closely watched development will depend on regulatory clarity and the real-world performance of the underlying Hyperliquid ecosystem.

For now, the market is digesting the latest filing details, while investors weigh the potential of a first-mover advantage in an increasingly crowded field of crypto ETFs. The next few regulatory disclosures and any impending launch news will be the key signals to watch in the coming weeks and months.

What’s next: The SEC’s formal review timeline, any additional disclosures from Bitwise and peers, and the evolving liquidity picture on launch will determine how soon investors can actually access a spot exposure to Hyperliquid via an exchange-traded product.