Bitwise Asset Management is moving closer to launching a spot ETF tied to Hyperliquid, signaling growing competition in the next wave of crypto investment products.
The firm recently updated its filing with the U.S. Securities and Exchange Commission, adding key details such as the ticker BHYP and a 0.67% management fee—a step that analysts often interpret as a sign the product may be nearing launch.
According to Eric Balchunas, these kinds of updates typically come in the final stages before approval and listing. If cleared, the ETF is expected to trade on NYSE Arca and track the spot price of the Hyperliquid token (HYPE).
Bitwise isn’t alone in the race. Competitors like 21Shares and Grayscale have also filed for similar products, highlighting rising institutional interest in newer crypto ecosystems beyond Bitcoin and Ethereum.
One notable feature that could differentiate Bitwise’s proposal is staking. The firm has indicated that the ETF may generate additional yield by staking HYPE tokens—something not clearly included in rival filings. If approved, this could make it more than just a passive exposure product.
The push comes as Hyperliquid itself gains momentum. The platform has rapidly expanded in derivatives trading, recently entering the top 10 globally by volume and posting nearly $500 billion in trading activity in Q1 alone. Its native token has also seen strong performance, reflecting growing market interest.
Overall, the filing underscores a broader shift: crypto ETFs are evolving beyond simple spot Bitcoin products toward more specialized, yield-generating strategies tied to emerging blockchain ecosystems.
