Bitwise Files Second Hyperliquid Spot ETF Amendment, HYPE Launch Near
Bitwise has filed a second amended application with the US SEC for its proposed spot Hyperliquid ETF (HYPE spot ETF), updating the set of approved trading counterparties ahead of a potential launch. The Apr 10 amendment names FalconX, Flowdesk, Nonco, and Wintermute.
In the earlier Dec 2025 amendment, Bitwise disclosed the fund ticker BHYP, set an annual management fee of 0.67%, and proposed adding incremental returns via staking part of the HYPE holdings. Bitwise also plans to pass through about 85% of net staking rewards to investors. Bloomberg ETF analyst Eric Balchunas said the latest update suggests the HYPE spot ETF launch could be close.
Competition is building: 21Shares filed its own Hyperliquid ETF in Oct 2025, and Grayscale submitted a similar filing in late Mar 2026. If approved, Bitwise’s product would trade on NYSE Arca and track the spot price of Hyperliquid’s native token, HYPE.
Market context: HYPE has been a top performer, up ~65% YTD and nearly 200% over the past year. It recently reclaimed the $40 area and traded just under $43 at the time of writing, up ~3% on the day.
For traders, a progressing SEC review can add event-driven momentum to HYPE. Watch for SEC feedback and listing timelines, as headline risk can increase volatility around the HYPE spot ETF approval window.
Bullish
This is a constructive regulatory development for the HYPE spot ETF: Bitwise’s second amended filing adds specific approved trading counterparties, and analyst commentary suggests launch timing may be near. If approved, the product could broaden access to HYPE price exposure through traditional brokerage channels (BHYP on NYSE Arca), which can improve demand expectations.
In the short term, the market often reacts to ETF filing progress with momentum and higher volatility, especially for a token already running strongly (HYPE is near the $40 area again). In the longer term, approval would likely reinforce institutional narrative around HYPE and potentially support more sustained flows.
Risk-wise, traders should still account for SEC review uncertainty and headline-driven swings. But based on both summaries’ tone, the incremental filing progress is more likely to support upside for HYPE than to harm it.