Bitwise Files S-1 for a Physically-Backed Spot HYPE ETF
Bitwise has filed an S-1 registration statement with the SEC to launch a physically-backed Spot HYPE ETF. The new fund will directly hold Hyperliquid’s native HYPE token, track a Hyperliquid index for NAV calculation, and appoint Coinbase Custody as custodian. Shares will be issued and redeemed in blocks of 10,000 to maintain liquidity and market efficiency. The filing now requires a Form 19b-4 and up to 240 days for approval. Earlier, VanEck unveiled plans for a Hyperliquid staking ETF in Europe. Since its November launch, the HYPE token has surged over 1,200%, trading 28% below its all-time high. Observers view this Spot HYPE ETF as a key step in bridging DeFi and mainstream portfolios, boosting liquidity and regulatory legitimacy for emerging altcoin ETFs.
Bullish
This news is bullish for HYPE token. The S-1 filing for a physically-backed Spot HYPE ETF marks a milestone in regulated crypto products, offering direct, on-chain exposure through traditional brokerages. In the short term, the announcement may trigger speculative buying and increased trading volumes. Over the long term, secure custody by Coinbase and regulatory approval can attract institutional investors, enhance market liquidity, and establish a firmer price floor for HYPE. Historical precedents show that direct-hold ETFs often support sustained price appreciation and broader adoption.