Bitwise filed an amended S-1 registration statement with the SEC for a Hyperliquid ETF that would trade as BHYP on NYSE Arca with a 0.67% annual management fee. The proposed fund would hold HYPE tokens directly through Anchorage Digital custody and stake a portion to earn rewards, retaining about 85% after fees. Bitwise faces competition from Grayscale, 21Shares, and VanEck, all pursuing HYPE-linked ETFs as the token has surged 200% over 12 months. Hyperliquid has become the leading decentralized platform for perpetual contracts tied to traditional financial products.
Bitwise's HYPE ETF Filing Details and Structure
- ▪Bitwise's proposed Hyperliquid ETF would use Anchorage Digital for custody arrangements
- ▪Bitwise's proposed Hyperliquid ETF would stake a portion of its HYPE holdings to earn additional tokens
- ▪Bitwise's proposed Hyperliquid ETF would hold HYPE tokens directly
- ▪Bitwise's proposed Hyperliquid ETF would retain about 85% of staking rewards after fees
- ▪Bitwise's proposed Hyperliquid ETF would trade under the ticker BHYP on NYSE Arca
- ▪Anchorage Digital is a federally chartered crypto bank
- ▪Bitwise's proposed Hyperliquid ETF includes a 0.67% annual management fee
- ▪Bitwise filed an amended registration statement with the U.S. Securities and Exchange Commission for a proposed exchange-traded fund tied to Hyperliquid's HYPE token
Competition Among Asset Managers for HYPE ETF Products
- ▪Grayscale filed to list a HYPE-linked exchange-traded fund under the ticker GHYP on Nasdaq
- ▪21Shares is pursuing a HYPE-linked exchange-traded fund
Hyperliquid Token Performance and Market Position
- ▪Hyperliquid became the go-to decentralized trading platform for perpetual contracts
- ▪Hyperliquid's HYPE token has surged around 200% over the last 12 months
- ▪Hyperliquid offers perpetual contracts tied to traditional financial products
Perspective of Bitwise
- ▪Bitwise's staking strategy for the Hyperliquid ETF aims to generate additional returns for investors beyond token price appreciation
- ▪Bitwise's Hyperliquid ETF would provide investors exposure to the HYPE token through a regulated investment vehicle
Perspective of Competing asset managers (Grayscale, 21Shares, VanEck)
- ▪The competition among Grayscale, 21Shares, VanEck, and Bitwise reflects growing institutional interest in decentralized finance protocols
- ▪Asset managers view Hyperliquid's HYPE token as an attractive product for exchange-traded fund offerings due to its recent price performance
Perspective of Hyperliquid protocol and HYPE token holders
- ▪SEC approval of HYPE-linked ETFs would provide regulatory validation for Hyperliquid as a decentralized trading platform
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