- Bitwise moves closer to a Hyperliquid spot ETF after filing updates that usually appear just before approval now.
- ETF plans show direct HYPE holdings staking income and NYSE Arca listing pending SEC clearance review decision.
- Market focus shifts to HYPE as seed funding custody details and benchmark pricing appear in filing updates emerge.
Bitwise has taken a significant step toward launching a Hyperliquid spot ETF in the United States after updating its regulatory filing. The asset manager submitted an amended Form S-1 to the Securities and Exchange Commission that includes key fund details.
The update added the management fee, ticker symbol, and finalized registration language. Such revisions usually appear during the final stage of the approval process. As a result, expectations around a potential launch have increased.
The proposed ETF would offer regulated exposure to the HYPE token through a traditional exchange-traded structure. Investors would gain direct access without holding the asset themselves. This approach reflects a broader trend in the crypto ETF market. Since the approval of Bitcoin and Ethereum spot ETFs, issuers have moved toward single-asset products. Many of these funds now focus on newer blockchain ecosystems.
ETF Structure and Exchange Listing Plans
According to the filing, the Bitwise Hyperliquid ETF will list on NYSE Arca once approved. The fund plans to hold HYPE tokens directly rather than using futures or synthetic exposure. This physical structure aligns with recent spot crypto ETF designs. It also aims to track market prices more closely. The fund’s net asset value will follow a benchmark supplied by CF Benchmarks.
The pricing benchmark aggregates data from major Hyperliquid trading venues. This method helps standardize valuation across markets. It also supports transparency and pricing accuracy. Bitwise disclosed a management fee of 0.67 percent. The ETF will trade under the ticker symbol BHYP once it becomes active.
Staking Strategy and Custody Framework
Bitwise also plans to stake a portion of the ETF’s HYPE holdings. The firm expects staking rewards to increase the fund’s token balance over time. This structure has become more common among newer crypto ETFs. It allows funds to generate additional returns within regulated frameworks. However, staking requires clear custody and operational controls.
Anchorage Digital Bank will act as the ETF’s custodian. The bank will safeguard the tokens and oversee staking operations. The filing states that all assets will remain in segregated accounts. This structure aims to reduce counterparty exposure. Custody clarity continues to play a central role in ETF approvals.
Seed Funding Signals and Market Reaction
The amended S-1 also disclosed seed funding details. One of Bitwise’s affiliates has already provided the required startup capital. Such funding typically occurs close to a product launch. As a result, market participants view the filing as a strong timing signal. If approved, BHYP could begin trading within days or weeks.
Despite the regulatory progress, HYPE price action has remained subdued. The token traded near $28.80 during the latest session. It recorded a slight daily decline after briefly touching higher levels earlier. Weekly performance remains negative. Monthly losses exceed twenty percent.
Meanwhile, onchain activity around Hyperliquid has drawn attention. The project recently moved $90 million worth of HYPE tokens. The network also ranks among blockchains generating high transaction fees. Additionally, Sonnet received shareholder approval to launch a HYPE treasury firm. These developments highlight growing ecosystem activity as ETF momentum builds.
