Crypto asset manager Bitwise has filed an amended registration statement with the U.S. Securities and Exchange Commission for a proposed exchange-traded fund (ETF) tied to Hyperliquid’s HYPE.
The updated S-1 for the fund, which would own HYPE directly and be listed on NYSE Arca, indicated that it would trade under the symbol BHYP. The fund aims to track the price of the token, providing investors with exposure without leveraging crypto exchanges or wallets.
The proposed product includes a staking component. Bitwise said the fund would stake a portion of its holdings to earn additional tokens, with approximately 85% of staking rewards retained after fees.
The filing also details a 0.67% annual management fee and custody agreements with Anchorage Digital, a federally chartered crypto bank.
The price of Hyperliquid’s HYPE token has increased over the past year. The token is up approximately 200% over the past 12 months as it has become the go-to decentralized trading platform for perpetual contracts, including those tied to traditional financial products.
Other asset managers have also decided to list exchange-traded funds linked to HYPE. These include Grayscale, which last month filed for listing under the symbol GHYP on Nasdaq, as well as 21Shares and VanEck.
