TLDR
- Bitwise’s Hyperliquid ETF plans to launch late 2025.
- ETF will hold HYPE tokens and offer staking rewards.
- Historical crypto ETFs attracted over $661 billion in inflows.
Bitwise Asset Management has submitted an amended S-1 form to the SEC for the Hyperliquid ETF. This ETF, which carries the ticker BHYP, plans to hold HYPE tokens and offer staking for on-chain rewards. The proposed launch is slated for late December 2025 or early January 2026 on NYSE Arca. There is no confirmation of an “after dark” trading feature or Wall Street Bitcoin-specific filing from primary sources.
Bitwise, known for its institutional-grade crypto asset management, draws parallels to BlackRock’s iShares Bitcoin Trust. The firm’s history includes Bitcoin and Ethereum spot ETFs, emphasizing regulated crypto access. The Hyperliquid ETF integrates staking, merging crypto-native operations with traditional finance.
Details of Bitwise’s ETF Filing
Bitwise’s filing introduces the Hyperliquid ETF, incorporating Section 8(a) language to signal launch preparedness. The ETF will hold and stake the native HYPE token of the Hyperliquid Layer 1 protocol, known for its focus on decentralized perpetual trading.
The absence of direct statements from Bitwise or Hyperliquid executives and other key figures suggests limited immediate insights. Analysts like Bloomberg’s Eric Balchunas speculate similar filings to precede potential launches in late 2025 or early 2026. However, these analyses remain secondary interpretations.
Comparison with Similar Crypto Products
The Bitwise Hyperliquid ETF aligns with historical Bitcoin ETF trends, which have attracted substantial institutional investment. Historical data suggest over $661 billion in total inflows across crypto ETFs, with BlackRock’s Bitcoin spot ETF amassing over $70 billion in AUM.
Other cryptocurrencies have seen similar ETF interest. For instance, Franklin Templeton’s Solana ETF reflects a growing appetite for altcoin-focused vehicles. Meanwhile, Grayscale’s Chainlink ETF recorded $37 million in inflows on its initial trading day.
Potential Market Impact of Hyperliquid ETF
The focus for Bitwise’s new ETF remains on the HYPE token, with implications for broader altcoin market dynamics. Although direct ties to Bitcoin or Ethereum are not specified, the ETF may signal a trend of increased institutional interest in diverse crypto assets.
With the fund’s staking strategy enhancing HYPE liquidity and yield, the overall token market might experience shifts. The fund’s fee structure of 0.67% aligns with that of other similar ETFs, aiming to attract institutional capital.
Current Regulatory Landscape and Oversight
The ETF’s launch requires SEC oversight via NYSE Arca listing. The broader regulatory environment has seen the GENIUS Act of 2025, which aims to normalize crypto in investment portfolios. Despite the regulatory backdrop, there are no comments from the SEC, CFTC, or European regulators mentioned.
Bitwise’s ETF filing, while detailed, remains an anticipation of regulatory approval processes. Prospective investors await further development as the launch approaches either late December 2025 or early January 2026.
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