Bitwise Asset Management is one step closer to launching its proposed spot Hyperliquid exchange-traded fund after filing a second amendment with the U.S. Securities and Exchange Commission. The updated filing includes the ticker $BHYP and a management fee of 0.67%.
This move indicates a potential launch soon, capitalizing on Hyperliquid's recent surge. HYPE tokens have seen a 200% increase in the past year, prompting Bitwise to pursue this opportunity. The firm faces competition from Grayscale and 21Shares, who are also seeking to launch similar products tied to the crypto perpetual futures protocol.
Bitwise was the first to file for a Hyperliquid ETF in September, with 21Shares and Grayscale following in subsequent months. If approved, the Bitwise ETF will trade on the NYSE Arca. The fund also aims to generate additional returns through HYPE staking, a feature not explicitly mentioned by competitors.
Hyperliquid has gained significant traction, with HYPE token prices rising approximately 65% year-to-date. The platform has also entered the top 10 crypto derivatives platforms by volume, generating $492.7 billion in trading volume during the first quarter.