Bitwise files updated S-1 for Hyperliquid ETF as HYPE fund race heats up

Crypto asset manager Bitwise has filed an amended registration statement with the U.S. Securities and Exchange Commission for a proposed exchange-traded fund (ETF) tied to Hyperliquids HYPE

The updated S-1 for the fund, which would hold HYPE directly and list on NYSE Arca, said it would trade under the ticker BHYP. The fund aims to track the tokens price, offering investors exposure to it without leveraging crypto exchanges or wallets.

The proposed product includes a staking component. Bitwise said the fund would stake a portion of its holdings to earn additional tokens, with about 85% of staking rewards retained after fees.

The filing also details a 0.67% annual management fee and custody arrangements with Anchorage Digital, a federally chartered crypto bank.

The price of Hyperliquids HYPE token has surged over the past year. The token is up around 200% over the last 12 months, as it became the go-to decentralized trading platform for perpetual contracts, including those tied to traditional financial products.

Other asset managers have also moved to list HYPE-linked exchange-traded funds. These include Grayscale, which filed last month to list under the ticker GHYP on Nasdaq, as well as 21Shares and VanEck.