Crypto asset manager Bitwise Asset Management has updated its proposed Hyperliquid ETF filing with the U.S. Securities and Exchange Commission (SEC), indicating that the product may be nearing launch. The amended document adds a Form 8-A reference, a fee schedule of 0.67 % (67 bps) and confirms the ticker symbol $BHYP for the fund. These changes typically signal a more advanced stage of regulatory review as Bitwise prepares to list the ETF.
What the amendment includes
According to ETF analyst commentary and coverage of the updated filing, the amendment reflects three key additions:
- Form 8-A details: The inclusion of an 8-A indicates Bitwise’s intention to register the ETF’s shares under Section 12(b) of the Securities Exchange Act, a necessary step toward listing and trading on a national exchange.
- Fee structure: The proposed annual management fee of 0.67 % (67 bps) will cover administrative and operational costs for the Hyperliquid ETF.
- Ticker symbol: Bitwise has proposed $BHYP as the ticker that the ETF would trade under once approved.
These details are usually among the last items added to an ETF registration before the SEC moves toward a decision on effectiveness and listing.
What the Hyperliquid ETF is
The proposed ETF — often referred to as the Bitwise Hyperliquid ETF — is intended to offer regulated exposure to Hyperliquid-linked assets, likely including the native HYPE token or associated market baskets tied to the Hyperliquid ecosystem and decentralized finance (DeFi) derivatives activity. These filings represent Bitwise’s effort to bring altcoin-centric ETFs into the U.S. retail and institutional marketplace, expanding beyond the current Bitcoin and Ethereum ETF landscape.
The Hyperliquid protocol — a decentralized exchange (DEX) specializing in perpetual futures and leveraged products — has attracted institutional interest and strategic filings as market participants seek broader regulated access to DeFi-related assets.
Why the amendment matters
- Regulatory readiness: Adding an 8-A and the ticker signposts that Bitwise is aligning its paperwork for a potential SEC approval and exchange listing. Mutual funds and ETFs must comply with stringent reporting and structuring requirements, and these amendments are part of that process.
- Investor clarity: The explicit fee schedule provides transparency for potential investors comparing the Hyperliquid ETF to other crypto ETFs, which often feature a wide range of fee structures.
- Product positioning: As the ETF space in the U.S. evolves, products beyond Bitcoin and Ethereum are attracting attention. A Hyperliquid ETF could broaden the regulated offerings available to institutional and retail investors, potentially increasing participation in tokenized derivatives and DeFi-derived strategies.
Analysts note that amendments like this don’t guarantee approval but do reflect progress in the SEC review process. Market watchers will be watching for notices of effectiveness or public SEC actions in the coming months.
How this fits into the broader ETF trend
Bitwise has been active in expanding the crypto ETF landscape with filings and products tied to a range of assets, including Bitcoin, Ethereum, and other digital assets. While some ETF proposals — such as spot Bitcoin products — have already become mainstream, approval of an altcoin-linked ETF such as Hyperliquid’s would mark a noteworthy incremental broadening of the regulated crypto investment universe in the U.S.
What to watch next
- SEC action: Whether the SEC designates the amended registration statement effective (a key regulatory step) or schedules further comment periods or proceedings.
- Listing exchange: Identification of the national securities exchange (e.g., NYSE Arca or Nasdaq) that would list $BHYP for trading.
- Market reception: How institutional and retail demand unfolds if the ETF approaches approval, including comparisons with other emerging crypto ETFs.
Bottom line: Bitwise’s amended Hyperliquid ETF filing — with its 8-A registration detail, defined fee and ticker symbol $BHYP — suggests the product is moving toward a more mature stage of regulatory review. If approved, the ETF could provide regulated access to DeFi-aligned assets and expand the breadth of crypto investment products available to U.S. market participants.
