Bitwise Asset Management has taken another step toward launching its proposed spot Hyperliquid exchange-traded fund, submitting a second amended filing with the U.S. Securities and Exchange Commission.
In a post on X on Friday, Bloomberg senior ETF analyst Eric Balchunas noted that the updated filing includes the ticker symbol $BHYP and sets a management fee of 0.67% (67 basis points).
Balchunas said that adding such details typically signals that a product is nearing launch.
“HYPE has surged 200% over the past year,” he added, suggesting the firm is aiming to capitalize on strong market momentum.
The move comes as competition intensifies among asset managers seeking to launch the first spot ETF tied to the Hyperliquid protocol and its underlying blockchain. Grayscale and 21Shares are also pursuing similar offerings.
Bitwise was the first to file for a Hyperliquid ETF with the SEC in September, followed by 21Shares a month later, while Grayscale submitted its application in late March.
If approved, Bitwise’s ETF would be listed on NYSE Arca and provide investors with direct exposure to the spot price of Hyperliquid.
In its initial amendment filed in December, Bitwise also revealed that the fund may pursue additional yield through HYPE staking—an approach not explicitly mentioned in the filings from Grayscale and 21Shares.
Hyperliquid continues to gain momentum
According to CoinGecko data, HYPE has climbed 65% since the beginning of 2026, trading around $41.96 at the time of writing, despite a challenging broader crypto market. Over the past 12 months, the token has gained approximately 182%.
In addition to strong price performance, blockchain analytics platform CoinGlass reported in early April that Hyperliquid had entered the top 10 crypto derivatives exchanges by trading volume, alongside major players such as Binance, OKX, and Bybit.
During the first quarter, Hyperliquid recorded $492.7 billion in trading volume, placing it just behind Coinbase by roughly $90 billion.
