Bitwise has filed an updated S-1 registration statement with the SEC for a proposed exchange-traded fund, ticker BHYP, designed to provide direct investment exposure to Hyperliquid’s HYPE token.

Key Points

• The proposed BHYP fund will list on the NYSE Arca and utilize Anchorage Digital for asset custody.
• Bitwise plans to implement a staking component, retaining approximately 85% of generated rewards for the fund after fees.
• The ETF carries an annual management fee of 0.67% for investors seeking exposure without managing individual crypto wallets.
• Hyperliquid’s HYPE token has experienced significant market growth, rising roughly 200% over the past 12 months.
• Competitors including Grayscale, 21Shares, and VanEck are also pursuing similar HYPE-linked ETF products to capture growing investor interest.

Why it Matters

This filing signals an intensifying race among major asset managers to provide regulated, institutional-grade access to decentralized finance tokens. By incorporating staking rewards into the fund structure, Bitwise is attempting to differentiate its product in a competitive market that is increasingly focused on yield-generating crypto assets.