Bitwise submitted a second amendment on April 10 for its proposed spot Hyperliquid ETF, solidifying the list of trading counterparties and clarifying the staking structure. The update adds FalconX, Flowdesk, Nonco, and Wintermute as approved trading partners. Previously disclosed entities included A1, Nonco, and Solios, with Solios now identified as part of FalconX.
Counterparty Expansion and Custody Details
The latest filing expands the counterparty roster to four new firms supporting the fund's trading operations. Anchorage Digital Bank remains the custodian for the trust's HYPE holdings, while CF Benchmarks will supply the daily reference price at 4 p.m. ET. These additions complete the core operational framework required before launch.
0.67% Fee and Staking Yield Model
Bitwise confirmed the ETF will trade under ticker BHYP with a 0.67% management fee. The trust plans to stake most of its HYPE holdings while keeping a 30% liquidity buffer. Staking rewards will incur a 15% fee, shared between Bitwise and service providers. Attestant, a Bitwise affiliate, may act as a staking operator. This setup introduces yield generation alongside price exposure but adds complexity compared to standard spot crypto ETFs.
Analyst: Final Details Signal Imminent Launch
Bloomberg analyst Eric Balchunas noted that the inclusion of final details often indicates an approaching launch. He pointed out that Hyperliquid's HYPE token has gained roughly 200% over the past year, driven by rising activity on its on-chain perpetuals platform. Bitwise was the first to file for a spot Hyperliquid ETF in September, followed by competing proposals from 21Shares and Grayscale. Additionally, Bitwise Europe listed a related product on Deutsche Börse Xetra on April 9.