Bitwise Files Second Amendment for Hyperliquid ETF with BHYP Ticker and 0.67% Fee

Bitwise Asset Management has filed a second amendment for its proposed spot Hyperliquid exchange-traded fund with the U.S. Securities and Exchange Commission. The filing specifies the ticker BHYP and sets a management fee of 0.67%. Bloomberg senior ETF analyst Eric Balchunas stated that including these operational details generally indicates the product will launch soon.

The update places Bitwise in a competitive race with Grayscale and 21Shares, who are also seeking approval for similar products. If approved, the fund will trade on the NYSE Arca and offer investors exposure to the spot price of Hyperliquid. This move follows Bitwise's initial filing in September, which preceded submissions by 21Shares and Grayscale.

The proposed fund will seek to generate additional returns through HYPE staking, a feature not explicitly indicated by competitors. This structure aims to provide yield to investors without requiring them to manage technical blockchain processes. The filing marks a significant regulatory milestone for DeFi protocol exposure.

Why Did Bitwise Finalize These Details Now?

The timing of the second amendment appears driven by strong market demand and the recent performance of the HYPE token. The token has risen 65% since the start of 2026 to around $41.96, despite a tough start to the broader crypto market. Analysts note that Bitwise is likely trying to strike while the iron is hot after the token surged 200% in the past year.

Hyperliquid has gained traction as a high-performance, fully on-chain derivatives trading platform. The protocol has handled over $200 billion in volume recently and generated $833 million in fees over the last year. These fundamentals support the case for the ETF by demonstrating tangible usage rather than mere speculation.

The platform's market share of exchange trading volume increased from 3.5% to nearly 7% over the past year. This growth suggests that demand for the ETF is backed by actual usage data. Institutional investors are increasingly seeking regulated access to such decentralized finance protocols.

How Will The Staking Feature Impact Returns?

Bitwise's fund explicitly plans to generate additional returns through HYPE staking. In the firm's first filing amendment from December, the company indicated that rewards would accrue daily and be reflected in the cryptocurrency entitlement of each ETP unit. These rewards are reinvested automatically, allowing investors to earn yield without managing technical processes.

In a related development, Bitwise Europe GmbH launched the Bitwise Hyperliquid Staking ETP (Ticker BHYP) on Deutsche Börse Xetra. This product targets a net staking reward of 1.00% before the 0.85% annual management fee. The issuer retains 33% of total rewards to cover operational costs.

The inclusion of staking offers a revenue advantage over conventional ETF designs. Anchorage Digital Bank is providing custody and staking services for the proposed U.S. fund. This feature differentiates Bitwise's offering from competitors who have not explicitly indicated similar staking capabilities.

What Are Analysts Watching Next?

The filing contains an 8-A registration statement, a critical regulatory step enabling securities to be listed on major exchanges like NYSE and Nasdaq. This document confirms that the fund is ready for a potential listing on NYSE Arca. The presence of this filing detail is often interpreted as a sign that the launch is imminent.

Market reaction to the news has been observed in prediction markets where the probability of Bitcoin reaching $100,000 by 2026 has climbed to 38%. Traders view the Bitwise amendment as a sign of growing institutional interest which feeds into broader price targets.

Analysts are monitoring the competitive landscape for other ETF approvals. Key catalysts include Grayscale's competing ETF and any further SEC rulings. The regulatory path for DeFi-focused ETFs is distinct from spot crypto ETFs and requires detailed risk disclosures.

Despite the bullish outlook, risks exist as other altcoin ETFs have struggled to attract funds. Technically, the HYPE token has rebounded from $20 to $41.8 and remains above the 50-day moving average. Analysts project a bullish forecast with a target of $50, aligning with key resistance levels.

On-chain data indicates strong confidence with a newly created wallet depositing 5 million USDC to purchase 59,239 HYPE tokens. This activity suggests strategic positioning ahead of major catalysts like ETF approval. Market sentiment is further bolstered by analyst projections that HYPE could reach $150 by August 2026.

The 0.67% fee is competitive within the crypto ETF landscape and undercuts established products to attract institutional capital. The BHYP ticker follows industry conventions, aiding institutional categorization. The filing strategy demonstrates a methodical approach to regulatory timing and refining the proposal.

Hyperliquid differentiates itself by combining the speed of centralized exchanges with the transparency of DeFi. This attracts sophisticated traders seeking decentralized derivatives. The filing reflects broader institutional momentum in crypto derivatives markets.

The launch of the Bitwise Hyperliquid ETF would allow institutions to gain regulated exposure to a rapidly growing decentralized platform. The product represents Bitwise's seventh institutional-grade staking product. This expansion aims to provide unprecedented access to the DeFi sector without operational complexity.