Bitwise Asset Management has moved one step closer to launching its groundbreaking Hyperliquid-based spot exchange-traded fund (ETF), after an important update to its regulatory filing was submitted to the U.S. Securities and Exchange Commission. The amended filing unveiled key specifics about the product, fueling speculation that the fund is on the verge of market debut.
ETF filing crosses key milestone
According to the updated document, Bitwise’s ETF will trade under the ticker symbol “BHYP” and carry a management fee of 0.67%. The disclosure of such details generally signals that an ETF application has reached its final stages. Eager anticipation now surrounds the product, with experts suggesting its listing may be imminent.
Bitwise was the first to submit a Hyperliquid ETF proposal in September, taking an early lead in the sector. Following Bitwise, 21Shares and Grayscale filed comparable applications, intensifying the race to roll out the first Hyperliquid-based spot ETF.
If greenlit, the ETF will be listed on the NYSE Arca exchange, providing investors indirect access to Hyperliquid’s spot price without needing to directly hold the asset. This approach is widely considered a bridge for traditional investors seeking exposure to cryptocurrencies, bypassing the complexities often associated with acquiring and storing digital assets themselves.
A previous update in December revealed another distinctive feature of the Bitwise fund—the potential to engage in HYPE staking strategies to generate additional returns. This sets the Bitwise proposal apart from rival filings, signaling a nuanced approach to crypto asset management within the ETF structure.
Hyperliquid’s rapid growth sets it apart
Meanwhile, Hyperliquid itself has recorded remarkable momentum, both in terms of price action and trading volume. Since the beginning of 2026, the price of HYPE has climbed roughly 65%, reaching $41.96. Over the past 12 months, the surge has reached nearly 182%, underscoring the asset’s explosive growth trajectory.
This rally has unfolded against a backdrop of broader market sluggishness at the start of the year, highlighting Hyperliquid’s ability to outperform its crypto peers even when sentiment is generally muted.
The upward trajectory is evident not only in price, but also in trading activity. In the first quarter, Hyperliquid’s platform registered a total transaction volume of $492.7 billion. This staggering figure has secured its position among the top ten crypto derivatives platforms globally.
As a result, Hyperliquid now competes in the same league as major players such as Binance, OKX, and Bybit, reflecting a notable uptick in both institutional and retail investor interest. Its growing acceptance marks it as a serious contender within the fast-evolving crypto derivatives sector.
Latest data shows Hyperliquid ranks just below Coinbase by trading volume, with the gap standing at approximately $90 billion. This closing differential suggests Hyperliquid is well-positioned to advance even further up the global rankings in the near term.
