Bitwise filed its second amended S-1 registration statement with the SEC on April 10, 2026, for a spot Hyperliquid ETF that would trade on NYSE Arca under the ticker BHYP. The fund carries a 0.67% annual sponsor fee and will hold the HYPE token directly through custodian Anchorage Digital. It also plans to stake a portion of its HYPE holdings so investors can capture staking rewards on top of direct token exposure. Ticker assignments and fee disclosures at this stage of the filing process typically signal a launch is weeks away, according to Bloomberg Intelligence analysts.
Hyperliquid is a decentralized exchange built on its own Layer 1 blockchain that allows traders to buy and sell perpetual futures contracts onchain, without an intermediary holding their funds. Perpetual futures are derivatives that let traders speculate on an asset’s price with no expiration date.
Key takeaways
- Bitwise filed a second S-1 amendment on April 10, 2026, for the BHYP ETF on NYSE Arca, with a 0.67% sponsor fee and Anchorage Digital as custodian.
- Grayscale, 21Shares, and VanEck are also pursuing HYPE-linked ETF products, turning the approval race into the most competitive altcoin ETF scramble since Ethereum.
- HYPE has gained 103% year-to-date, rising from $20 in January to $41.8, backed by $492.7 billion in Q1 derivatives volume on the Hyperliquid protocol.
- SEC review timelines for crypto ETFs have compressed from up to 240 days to roughly 75 days under current leadership, raising the odds of a near-term launch.
Published: April 12, 2026, 05:00 UTC
How Bitwise got ahead of the pack
Bitwise was the first asset manager to file for a spot Hyperliquid ETF, submitting its initial registration in September 2025. Grayscale, which has been active across multiple crypto ETF applications, entered the race in late March 2026. 21Shares filed in October 2025, and VanEck has also signaled interest without formally filing. The competitive field echoes the Bitcoin ETF race of 2023 and 2024, where being first to file carried real strategic weight.
Bitwise extended its lead on April 9, one day before the SEC amendment, by listing a physically backed Hyperliquid staking ETP on Deutsche Börse Xetra in Europe. That product gives European investors direct HYPE exposure with staking rewards already factored in. Launching first on a European exchange while the U.S. application is still in review is a dual-market strategy Bitwise has used before.
The SEC’s current approval pace is a key factor. Under present leadership, the review window for crypto ETF applications has been compressed from up to 240 days to roughly 75 days. That shift, combined with the second S-1 amendment, suggests the BHYP product could reach U.S. exchanges before the end of April.
What Hyperliquid’s numbers say
The case for a HYPE ETF rests on the protocol’s actual usage, not just token price. Hyperliquid generated $492.7 billion in derivatives volume in Q1 2026 and runs a monthly perpetual DEX volume of roughly $200 billion. Annual fees across the protocol total $833 million, ranking Hyperliquid among the top five fee-generating protocols in decentralized finance. Total value locked sits at $1.68 billion, and the protocol’s native stablecoin, USDH, carries a $5.3 billion market cap.
The HYPE token itself has gained 103% year-to-date, rising from around $20 in January to $41.8 as of April 11. Technical analysts are watching the $50 level as the next meaningful resistance, a target that could come under pressure if institutional demand materializes through the ETF wrapper.
What the ETF approval would mean for investors
If approved, BHYP would give retail and institutional investors brokerage access to HYPE without managing a self-custody wallet or navigating a DeFi interface directly. That kind of distribution reach moved real capital into Bitcoin following spot BTC ETF approvals in January 2024, and similar dynamics played out with Ethereum ETFs later that year.
One risk worth noting: most altcoin ETFs launched after the Bitcoin and Ethereum products have seen modest inflows relative to expectations. Demand for a HYPE ETF is not guaranteed. The protocol’s fee generation and trading volume set it apart from lower-activity tokens, but the wrapper itself does not create buyers. Market conditions, broader risk appetite, and how the product is marketed will all matter.
The staking component in the BHYP trust adds a layer of complexity. Staking HYPE on the Hyperliquid network involves locking tokens to support validator operations, with rewards distributed in HYPE. Whether the SEC will require any additional disclosures around staking mechanics before granting approval remains an open question.
Frequently asked questions
What is the Bitwise Hyperliquid ETF ticker and fee?
The Bitwise Hyperliquid ETF will trade on NYSE Arca under the ticker BHYP with a 0.67% annual sponsor fee. Custody is handled by Anchorage Digital. The fund also plans to stake a portion of its HYPE holdings to pass staking rewards through to investors.
Who else is filing for a Hyperliquid ETF?
Grayscale filed in late March 2026, 21Shares filed in October 2025, and VanEck has also signaled interest. Bitwise remains the first filer, having submitted its initial registration in September 2025. All four are competing for what would be the first U.S.-listed HYPE ETF.
How has HYPE performed in 2026?
HYPE has gained 103% year-to-date as of April 11, 2026, rising from around $20 in January to $41.8. The Hyperliquid protocol generated $492.7 billion in Q1 derivatives volume and ranks among the top five fee-generating protocols in DeFi by 30-day fees.
