Bitwise has taken another decisive step toward launching the first spot Hyperliquid ETF in the United States after filing an amended Form S-1 with the Securities and Exchange Commission. The updated filing adds several final details that typically signal a product launch is close, including the fund’s fee structure, ticker symbol, and finalized registration language.
The asset manager’s amended submission follows a familiar pattern seen ahead of prior crypto ETF approvals. In many past cases, late-stage edits to an S-1 have preceded official launches by only days or weeks. As a result, market participants are now closely watching developments around Hyperliquid and the HYPE token.
Under the proposed structure, the Bitwise Hyperliquid ETF would provide regulated exposure to HYPE tokens. The fund is expected to list on NYSE Arca once registration becomes effective and will physically hold Hyperliquid tokens, according to the filing. Its net asset value will track a benchmark supplied by CF Benchmarks, which aggregates pricing data from major Hyperliquid trading venues.
Bloomberg ETF analyst Eric Balchunas noted that the amended filing includes key launch indicators. The document discloses a management fee of 0.67% and reveals the ticker symbol BHYP, details that are usually finalized shortly before trading begins.
In addition to direct token exposure, Bitwise plans to stake a portion of the ETF’s holdings. The firm expects staking rewards to gradually increase the fund’s HYPE balance over time, a feature that has become more common in newer crypto ETF structures.
Anchorage Digital Bank has been named as the custodian for the ETF. The bank will safeguard the assets, manage staking operations, and hold the tokens in segregated accounts, according to the filing. The amended S-1 also confirms that seed funding has already been provided by a Bitwise affiliate, another step that typically occurs close to launch.
Despite the positive momentum around the ETF filing, HYPE price action has remained muted. Data from TradingView shows the token trading near $28.80, slightly lower on the day. HYPE briefly reached $29.12 earlier in the session but has declined more than 3% over the past week and over 23% in the past month.
Onchain activity around Hyperliquid has continued to attract attention, particularly following reports that the Hyperliquid team moved $90 million worth of HYPE. The network has also ranked among blockchains generating the highest fees, underscoring growing ecosystem activity even as price momentum lags.
Spot crypto ETFs have expanded rapidly since the approval of Bitcoin and Ethereum products, and issuers are increasingly competing to launch single-asset ETFs tied to newer blockchain networks. The amended S-1 filing places Hyperliquid among the next potential entrants in that race.
