TLDR
- Bitwise filed an amended Form S-1 for its Hyperliquid ETF on December 15, 2025.
- The ETF ticker is BHYP and it will charge a 0.67% management fee.
- The ETF will be physically backed and listed on NYSE Arca.
- It will use CF Benchmarks to track Hyperliquid’s price data.
Bitwise has taken a major step toward launching the first-ever Hyperliquid ETF by filing an amended Form S-1 with the SEC. The update includes key final details such as the ticker symbol “BHYP” and a 0.67% management fee. Market watchers now expect the fund’s launch to be imminent, potentially opening the door for regulated access to Hyperliquid (HYPE) tokens through a publicly traded investment vehicle on NYSE Arca.
Bitwise Submits Amended S-1 Filing for Hyperliquid ETF
Bitwise Investment Advisers, LLC submitted an amended Form S-1 with the Securities and Exchange Commission (SEC) on December 15, 2025. The updated filing pertains to its proposed Bitwise Hyperliquid ETF, which would provide regulated exposure to Hyperliquid (HYPE) tokens.
The ETF will be listed on NYSE Arca under the ticker symbol “BHYP.” It introduces a management fee of 0.67% and confirms the fund will hold the tokens directly. These details, especially when added late in the registration process, often indicate that approval could be close.
Bloomberg ETF analyst Eric Balchunas commented, “These kinds of amendments usually mean the launch is just around the corner.” The product would allow investors to gain exposure to HYPE through a traditional brokerage account.
ETF Structure and Asset Management Details
The Bitwise Hyperliquid ETF will issue shares that represent beneficial interest in the trust. Each creation or redemption unit will be made in blocks of 10,000 shares. Bitwise Investment Manager, LLC will act as the statutory underwriter and is expected to seed the fund with $2.5 million at launch.
The Trust’s net asset value (NAV) will track the CF Hype Dollar US Settlement Price. CF Benchmarks will serve as the pricing benchmark provider by aggregating price data from various trading platforms. Anchorage Digital Bank N.A. will act as the custodian of the HYPE tokens, securing the digital assets in segregated accounts.
The filing also mentions that the Trust will stake a portion or all of its held HYPE to generate additional tokens. Staking will be done through one or more trusted staking agents operating validators.
Market Reaction to Filing and Token Performance
Despite the updated filing, the market response has been modest. As of the filing date, the HYPE token was trading near $28.80, down approximately 0.12% over the last 24 hours. Over the past week, the token has declined over 3%, and it is down more than 23% in the past month.
The filing did, however, draw attention to recent on-chain activity, with $90 million in HYPE reportedly moved by the Hyperliquid team. This activity positioned Hyperliquid among the top blockchains by transaction fees.
Market participants are watching closely, as prior spot ETF launches for other crypto assets, such as Bitcoin and Ethereum, were followed by notable shifts in both price and trading volume.
Seed Investment and Listing Preparations
Bitwise Asset Management, the parent company of the sponsor, provided seed capital of $200 on November 24, 2025. This was used to acquire eight initial shares at $25 each. These seed shares were part of the audit process detailed in the prospectus.
Bitwise Investment Manager, LLC’s upcoming $2.5 million investment in 100,000 ETF shares will fund the purchase of HYPE tokens for listing. The ETF will only accept creation and redemption transactions from authorized financial participants.
While there is no set effective date yet, the language in the filing confirms that Bitwise is preparing for a possible launch soon.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
