Bitwise Asset Management has submitted another amendment to its proposed U.S. spot ETF tied to Hyperliquid’s native token, HYPE, reaffirming the BHYP ticker and a 0.67% management fee. Bloomberg senior ETF analyst Eric Balchunas said this type of update often appears when a product is moving closer to listing, raising expectations that the launch window could be approaching.
Latest amendment points to late-stage preparation
Bitwise first filed its S-1 registration statement in September 2025, then submitted its first amendment on December 15, 2025, adding the BHYP ticker, the fee disclosure, and an 8-A registration statement. The latest update came on April 10, 2026. The fund has not yet been approved by the U.S. Securities and Exchange Commission, but repeated amendments are generally viewed as signs that an issuer has finalized the structure and is preparing for a possible listing.
The proposed 0.67% fee stands above the roughly 0.20% to 0.25% range common among many spot bitcoin ETFs. Bitwise appears to justify that premium by emphasizing that HYPE offers exposure to Hyperliquid, a decentralized perpetuals platform whose trading activity feeds an on-chain buyback-and-burn mechanism linked directly to the token.
Four issuers are now competing for U.S. HYPE ETF exposure
Bitwise is one of four asset managers currently pursuing a U.S. spot HYPE product. 21shares filed an S-1 on October 29, 2025. Grayscale followed on March 21, 2026 with plans for the GHYP ticker and Coinbase Custody as custodian. Vaneck has also confirmed plans for a HYPE spot staking ETF under the proposed ticker VHYP.
So far, no public filings have emerged from larger firms such as Blackrock or Fidelity. That suggests the category is still early, but institutional interest in packaging HYPE into a regulated investment vehicle is clearly building.
Europe has already moved first
One day before the latest U.S. amendment, on April 9, 2026, Bitwise Europe launched the Bitwise Hyperliquid Staking ETP on Deutsche Boerse Xetra under the same BHYP ticker. The product carries a 0.85% total expense ratio, holds HYPE in cold storage, tracks the Kaiko HYPE Reference Rate, and targets about 1% net staking rewards annually. The European launch gives the market a live benchmark while U.S. regulators continue their review.
Why HYPE is drawing ETF interest
HYPE has gained around 200% over the past year, supported by Hyperliquid’s rapid growth in on-chain derivatives trading. Hyperliquid is a layer-1 blockchain designed for on-chain perpetuals and spot order books. Its Hypercore engine offers sub-second block times, single-block finality, and throughput of more than 100,000 orders per second, while HyperEVM provides EVM compatibility for smart-contract applications tied to the exchange.
The token launched on November 29, 2024 via an airdrop to more than 90,000 early users, with a fixed supply of 1 billion tokens. HYPE is used for governance, staking, gas on HyperEVM, and as a key beneficiary of platform revenue. A portion of trading fees is directed into an assistance fund that continuously buys back and burns HYPE, creating a tighter connection between exchange activity and token economics.
For now, all U.S. applications remain subject to SEC review. Still, Bitwise’s latest amendment, the live European ETP, and the growing list of competing issuers all indicate that the race to launch regulated HYPE investment products is accelerating.