Bitwise Edits Hyperliquid ETF Filing, as Grayscale and 21Shares Step Up Competition

Bitwise is moving closer to launching a Hyperliquid-focused exchange-traded fund, after submitting a fresh regulatory update that suggests the product may be nearing market readiness. Bloomberg ETF analyst Eric Balchunas said Bitwise filed a second amendment with the U.S. Securities and Exchange Commission. The revised filing lists the proposed ticker "BHYP" and a 0.67% management fee—details that often appear when an ETF is progressing toward a potential launch. Balchunas noted that filings with operational specifics frequently signal entry into the final stretch ahead of approval. The timing also aligns with strong performance in Hyperliquid's native token, HYPE, which has gained about 200% over the past year, a backdrop that may be shaping asset managers' push to offer new exposure. Competition for the first Hyperliquid ETF is intensifying. Grayscale and 21Shares have also filed for products linked to the Hyperliquid ecosystem. Bitwise, though, is viewed as having an early-mover advantage, having submitted its initial proposal before its rivals. Bitwise's filing also outlines a plan to seek incremental returns through staking HYPE, an element not clearly detailed in competing proposals. Hyperliquid itself has been gaining momentum in crypto derivatives. The platform has climbed into the top tier of derivatives exchanges by trading volume, with notable activity reported during the first quarter, putting it closer to established venues. The proposed ETF is designed to give investors regulated access to the spot price of Hyperliquid, offering a simplified route for those seeking exposure without directly holding the asset. Bitwise's latest amendment highlights continued progress, while rising competition and Hyperliquid's expansion are accelerating the broader market for crypto investment products. Source: 36Crypto