The first-ever Hyperliquid ETF in the United States is closer than ever. Bitwise Asset Management filed a second amendment to its Form S-1 registration with the U.S. Securities and Exchange Commission (SEC) on December 15, 2025. The updated filing locked in the ticker symbol BHYP and set the annual management fee at 0.67% (67 basis points).
That combination of moves raised eyebrows across the crypto ETF world. Fast.
Also Read: How ETF Flow Moves Bitcoin Price In 2026
What the BHYP Filing Actually Means
The amendment shows the Bitwise Hyperliquid ETF is expected to trade on NYSE Arca under the ticker BHYP and will charge a 0.67% annual management fee, according to the updated prospectus.
This is not just paperwork. The update includes Form 8-A registration language, which registers securities for possible exchange trading under the Securities Exchange Act of 1934. That specific step, the 8-A filing, is a strong signal that things are moving toward an actual listing.
Bloomberg Intelligence ETF analyst Eric Balchunas was quick to flag it. He called the combination of finalized economics, a ticker, and updated effectiveness language a set of markers that usually appear late in the approval process. On X, Balchunas wrote: “Usually that means launch imminent. Stay tuned.”
Hyperliquid ETF Structure
The ETF will be physically backed and listed on NYSE Arca. That means it holds the actual HYPE token rather than using futures contracts or synthetic exposure.
The Bitwise spot Hyperliquid ETF filing includes provisions for staking rewards to benefit investors. This is a notable feature. It means holders of BHYP could potentially earn staking yield on top of price exposure. That is a meaningful difference from earlier spot crypto ETFs like Bitcoin and Ethereum funds that do not include staking.
The Bitwise ETF has already received the required start-up funds from one of its affiliates, something that normally takes place near the time of actual product launch.
Also Read: Big Win for Hyperliquid: Grayscale Pushes HYPE with ETF Filing
Who Else Is Chasing the Hyperliquid ETF Race?
Bitwise is not alone here. Bitwise led the push for SEC approval of an ETF tracking Hyperliquid’s HYPE coin, but 21Shares followed later with its own filing.
This is shaping up to be a two-horse race, at least for now. First-mover advantage matters in ETF land. Historically, the first fund to market in a new crypto category tends to capture the bulk of assets. Think of how iShares and Fidelity dominated early Bitcoin ETF inflows.
What Is Hyperliquid?
For readers new to the space: Hyperliquid is a layer-1 blockchain built for high-speed decentralized trading. Its native token, HYPE, powers the network and has seen strong demand among on-chain derivatives traders. The platform positions itself as a faster, cheaper alternative to centralized exchanges.
A spot Hyperliquid ETF would give traditional investors access to HYPE through a regulated brokerage account, without the need to manage wallets or private keys. That alone could open up a completely new investor base.
Is SEC Approval the Only Hurdle Left?
At this point, yes, it largely is. The disclosure of a ticker and fee typically signals that a listing is near, and Bitwise appears to be in the final stages of the approval process.
That said, the SEC does not work on a fixed timetable. The agency can request additional information, push for amendments, or simply take its time. BHYP would be available for trading within a few days or weeks, provided it receives approval.
The broader regulatory climate also matters. With crypto regulation in the U.S. shifting under the current administration, approval timelines for new crypto products have become more predictable than they were in 2022 or 2023.
Also Read: HYPE to $150 in 2026? Hyperliquid Volume Reaches $1.5B Amidst War
Market Reaction: HYPE Stays Quiet
You might expect HYPE to pump on news like this. But markets do not always behave that way. Since the announcement of the amended filing, the reaction of the HYPE token has been subdued.
That could mean the market had already priced in an eventual ETF launch, or it could be a sign that retail attention hasn’t fully caught up yet. Either way, it’s worth watching. ETF launches for Bitcoin and Ethereum both triggered significant price movements in the weeks following approval, not always on the day of.
Bottom Line
The Hyperliquid ETF from Bitwise looks very close to launch. A locked-in ticker, a confirmed fee, an 8-A registration filing, and seed funding already in place are not the moves of a firm still in exploratory territory. Watch for SEC correspondence in the coming weeks. If approval comes through, BHYP could become one of the more closely watched new ETF launches of 2026.
What is the BHYP ETF?
BHYP is the proposed ticker for the Bitwise Hyperliquid ETF, a spot ETF tracking the HYPE token that is expected to list on NYSE Arca pending SEC approval.
What fee will the Hyperliquid ETF charge?
Bitwise set the annual management fee at 0.67%, which equals 67 basis points per year.
Will the Hyperliquid ETF include staking rewards?
Yes. Bitwise plans to stake a portion of the fund’s holdings, potentially passing staking rewards on to investors.
When will the Hyperliquid ETF launch?
No confirmed date yet. Based on the current filing stage, ETF analysts say a launch could be days or weeks away, subject to final SEC approval.
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