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Bitwise Asset Management has updated its Hyperliquid ETF filing with two key details: the ticker symbol BHYP and a 0.67% sponsor fee. The preliminary prospectus says the product is expected to list on NYSE Arca. The filing does not make the fund effective yet, but the added details have pushed expectations toward a possible near-term launch.
The amended prospectus says the Bitwise Hyperliquid ETF aims to give investors exposure to the value of Hyperliquid held by the trust, minus expenses and liabilities. It also names a secondary objective: deriving additional Hyperliquid through staking.
The filing also lays out how the product would operate. Shares are anticipated to trade on NYSE Arca under BHYP, while the trust would value its holdings using the CF Hype Dollar US Settlement Price from CF Benchmarks.
Bitwise included more launch mechanics as well. Its affiliate is expected to buy $2.5 million in seed baskets at $25 per share, with proceeds expected to purchase Hyperliquid at or before listing. The prospectus, though, still says the registration statement is not complete and may change.
Hyperliquid describes itself as a decentralized Layer 1 blockchain with fully on-chain order books, while its foundation presents the network as infrastructure built to house financial activity onchain. This positioning helps explain why asset managers see it as a distinct DeFi exposure play.
For traditional investors, the proposed fund would package this exposure inside a listed product. The trust would hold Hyperliquid directly, and authorized participants would create or redeem shares in blocks of 10,000 shares, called baskets.
The trust also plans to stake a portion of its holdings. The filing says staking expenses would equal 15% of the additional Hyperliquid generated, and those costs would reduce the amount ultimately retained by the trust.
Also Read: Bitwise Rolls Out BPRO ETF to Hedge Against Currency Debasement
The filing now leaves one central question: when will the SEC declare the registration statement effective? The prospectus states clearly that the securities cannot be sold until this happens.
Bitwise is not alone in the race. A separate SEC filing shows that 21Shares also filed for a Hyperliquid ETF in October 2025, which means the category already has direct competition as issuers push deeper into protocol-specific crypto products.
At the same time, the Bitwise filing devotes wide space to risk. It calls the shares speculative securities, says buyers could lose their entire investment, and notes that custody, regulatory treatment, and possible trust termination remain material issues for the proposed fund.
If the product reaches the market, it would extend the ETF push beyond Bitcoin and Ethereum into a more specialized corner of crypto. For now, the amended filing shows that Bitwise has moved its Hyperliquid proposal further down the regulatory track, with ticker, fee, staking design, and listing venue now on the record.
Bitwise’s amended filing moved its Hyperliquid ETF closer to market by adding the BHYP ticker, a 0.67% management fee, and clearer operating details. The filing shows growing momentum for DeFi-focused investment products. Investors and market watchers will now look for the SEC’s next move as launch expectations build.
