Key Highlights
- Bitwise submitted its second amendment for a Hyperliquid ETF, introducing the $BHYP ticker symbol and establishing a 0.67% annual management fee.
- Eric Balchunas, a Bloomberg ETF analyst, indicated these filing updates usually precede an imminent product rollout.
- The HYPE token has surged 65% year-to-date in 2026, currently priced near $41.96, with a 12-month gain of approximately 182%.
- BitMEX co-founder Arthur Hayes acquired 26,022 HYPE tokens valued at over $1 million, marking his first purchase in nearly three months.
- Hyperliquid secured a position among the top 10 cryptocurrency derivatives exchanges by trading volume in early April, recording $492.7 billion in Q1 activity.
Bitwise Asset Management has submitted an updated amendment to the Securities and Exchange Commission for its proposed Hyperliquid spot exchange-traded fund. The latest documentation introduces the ticker symbol $BHYP alongside an annual management fee structure of 0.67%, equivalent to 67 basis points.
Eric Balchunas, who serves as a senior ETF analyst at Bloomberg, commented on the development via his X account, explaining that such filing refinements generally indicate an approaching product debut. He highlighted that HYPE has experienced a 200% appreciation over the past year, suggesting Bitwise aims to capitalize on favorable market conditions.
Bitwise pioneered the Hyperliquid ETF application process when it submitted its initial filing to the SEC in September 2025. The firm now competes with Grayscale, which entered its filing in late March 2026, and 21Shares, which followed one month after Bitwise’s original submission.
Upon regulatory approval, the investment vehicle would list on the NYSE Arca exchange, providing investors with direct market exposure to HYPE’s spot valuation. Bitwise has also disclosed in previous amendments that the fund may pursue additional yield opportunities through HYPE token staking—a feature that distinguishes it from competing proposals by Grayscale and 21Shares.
BitMEX Co-Founder Makes Seven-Figure HYPE Investment
Blockchain monitoring service Lookonchain revealed that Arthur Hayes, who co-founded and formerly led BitMEX, acquired 26,022 HYPE tokens for slightly more than $1 million on April 11. This transaction represents his first HYPE accumulation in approximately three months.
Hayes’ total holdings now stand at 247,344 HYPE tokens, currently valued at roughly $10.44 million, with unrealized profits estimated at $2.5 million.
The purchase occurred as HYPE recovered above the $40 threshold. The digital asset had declined below $27 in late February following escalating tensions involving Iran, subsequently rallied to $44 in mid-March, retreated to $34, and rebounded to approximately $42 when Hayes executed his transaction.
Bloomberg’s Balchunas posted on X: “Bitwise w another update to Hyperliquid ETF includes ticker $BHYP and fee 67bps. Typically that means launch soon. HYPE is up 200% in past yr so they prob trying to strike while iron hot.”
Token Valuation and Exchange Performance Metrics
Data from CoinGecko indicates that HYPE is currently trading near $41.96, representing a year-to-date increase of approximately 65% since the beginning of 2026, with a 12-month appreciation of roughly 182%.
CoinGlass, a blockchain analytics provider, documented in early April that Hyperliquid had ascended into the top 10 cryptocurrency derivatives platforms measured by trading volume. Throughout the first quarter of 2026, Hyperliquid facilitated $492.7 billion in trading activity, securing ninth place and trailing Coinbase by approximately $90 billion.
As of April 11, 2026, HYPE maintained a price level of approximately $41.96, based on CoinGecko market data.
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