Hyperliquid News Today: Bitwise Files Final Docs for HYPE ETF, Staking a Key Draw

Bitwise Asset Management has taken a major step forward in its effort to launch the first Hyperliquid (HYPE) spot exchange-traded fund (ETF). The firm filed an amendment to its ETF application with the U.S. Securities and Exchange Commission (SEC) on December 15, 2025, confirming a 0.67% annual management fee and the ticker symbol BHYP. The filing also includes a Form 8-A registration, typically one of the final steps before an ETF can start trading according to reports. Market analysts, including Bloomberg's Eric Balchunas, have interpreted the amendment as a strong signal that the launch is imminent.

The ETF, once approved, will trade on NYSE Arca under the ticker BHYP and will directly hold Hyperliquid tokens. The fund is structured as a Delaware statutory trust and will use the CF Hype Dollar US Settlement Price as its benchmark. This pricing mechanism is calculated from trades on major Hyperliquid markets and will be used to determine the fund's net asset value, as well as for basket creation and redemption processes. The trust will be managed passively, with no use of derivatives, leverage, or market timing strategies as per the filing.

Staking will also be a core feature of the fund. A substantial portion of the HYPE holdings will be staked to generate additional tokens, potentially enhancing returns for investors. This approach marks a departure from traditional ETF structures, which typically focus on price exposure alone. The staking is expected to be managed by Anchorage Digital Bank and other staking agents on the Hyperliquid network according to sources. These rewards are reinvested into the trust, increasing total holdings over time.

How the ETF Is Structured

The Bitwise Hyperliquid ETF is designed as a physically backed, passively managed vehicle. Shares will be created and redeemed in blocks of 10,000, known as baskets as confirmed in filings. Authorized Participants can either deliver HYPE in kind or cash to create new baskets, or redeem shares for HYPE or cash. This mechanism is intended to keep the ETF's trading price close to its NAV by allowing arbitrage through creation and redemption flows as per market analysis.

The fund will also provide intraday pricing through the CF Hypecoin-Dollar Spot Rate Index, which updates every 15 seconds during trading hours. This index aggregates data from selected exchanges to reduce manipulation risks and provide reliable pricing for institutional users. Cash flows will be managed through BNY Mellon, which will handle administrative, tax, and accounting duties according to filings.

What This Means for Investors

The 0.67% fee for the BHYP ETF places it in a competitive range for altcoin-focused ETFs. While not the lowest on the market, it is in line with other similar products and reflects the operational costs of managing a staking-based structure. The inclusion of staking as a secondary objective differentiates the fund from traditional spot ETFs, potentially offering investors an additional yield layer. This could attract institutional and retail investors looking for both exposure to Hyperliquid and enhanced returns through on-chain mechanisms as noted by analysts.

The timing of the launch appears favorable, with regulatory and market conditions aligning. The SEC has been reviewing similar crypto ETF proposals with increasing speed, and the filing of the 8(a) registration signals regulatory readiness. Bloomberg analyst Eric Balchunas estimates that the fund could begin trading in late December or early January. If approved, it will be one of several altcoin ETFs moving toward launch, including VanEck's and 21Shares' offerings.

Risks to the Outlook

Despite the positive signals, the ETF faces several risks. The performance of the fund will depend on the stability of the Hyperliquid network and the success of its staking rewards. Slashing or operational failures could erode returns over time according to market analysis. Additionally, the broader crypto market remains volatile, with recent price pressures on assets like Bitcoin and Ethereum. Open interest and funding rate movements have also fueled bearish sentiment as reported in financial news.

Regulatory scrutiny remains a key factor. While the SEC has not yet approved a Hyperliquid ETF, the recent approvals of XRP and Solana ETFs suggest a potential path forward. However, the staking component introduces new complexities, particularly for a decentralized exchange token like HYPE. The regulator will need to assess whether the structure complies with existing securities laws as per regulatory analysis.

The Bitwise Hyperliquid ETF represents a significant development in the evolution of crypto investment products. As the first of its kind, it could open the door for more innovation in the space, including multi-asset crypto ETFs and staking-integrated funds. For now, the focus remains on regulatory approval and market acceptance.