Bitwise Asset Management filed a second amended S-1 with the US Securities and Exchange Commission (SEC) for a spot Hyperliquid ETF. The updated document introduced the ticker $BHYP and a 0.67% annual management fee. Bloomberg senior ETF analyst Eric Balchunas called it a clear signal: such details usually mean a launch is close.
Why a second amended filing matters
Setting the ticker and locking in the management fee is how ETF issuers finalize a product right before going live. Balchunas pointed to Bitcoin-ETF approvals in 2024 as a precedent for the same pattern. "Bitwise trying to strike while the iron is hot," he wrote on X, noting HYPE is up 200% over the past year.
The fund would trade on NYSE Arca. One detail sets Bitwise apart from its competitors: its December 2025 filing already indicated the fund would generate extra returns through HYPE staking - something neither 21Shares nor Grayscale have spelled out in their own filings.
Hyperliquid breaks into top 10 derivatives venues
According to CoinGlass data, Hyperliquid entered the top 10 crypto derivatives platforms by volume in Q1 2026. The platform processed $492.7 billion in trading volume for the quarter, finishing $90 billion behind ninth-place Coinbase. The list also includes Binance, OKX and Bybit.
The HYPE token performed well too. It is up roughly 65% since January 2026, trading near $42.
Three competitors, one prize
Bitwise submitted the first HYPE ETF filing in September 2025. 21Shares followed in October. Grayscale joined the race in late March 2026.
Spot vs futures: how they differ
A spot ETF holds actual tokens in custody and tracks the price directly. A futures-based product tracks it through derivatives and typically underperforms the underlying asset due to "contango" - the cost of rolling contracts forward. Institutional buyers generally prefer spot products for more accurate price tracking and lower drag.
A precedent for altcoin ETFs
If Bitwise wins approval, it could signal that the SEC is ready to greenlight ETFs on major altcoins beyond Bitcoin and Ethereum. Bitcoin-ETF funds attracted hundreds of billions in institutional capital after their 2024 launch. Ethereum-ETF products opened DeFi exposure through brokerage accounts. A successful $BHYP launch would bring new money into HYPE without requiring holders to self-custody tokens.
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