Bitwise Drops BHYP Ticker, Locks In 67 Bips: Hyperliquid ETF Race Heats Up

Bitwise just dropped another SEC filing for its spot Hyperliquid ETF, because nothing says "we're serious about this" like amendments on amendments.

The fresh paperwork confirms the ticker will indeed be $BHYP and slaps on a management fee of 0.67% (67 basis points) — which Bloomberg's senior ETF analyst Eric Balchunas says is basically the universal signal that a launch is closer than your ex's apologies.

"HYPE is up 200% in the past year," Balchunas pointed out, noting that Bitwise is probably trying to ride this pump before it becomes another "remember when?" moment.

This filing cements Bitwise's pole position in the race to launch the first spot Hyperliquid ETF. They were the OG, filing back in September — three whole months before 21Shares showed up to the party, and an eternity before Grayscale finally woke up and submitted in late March.

Assuming the SEC doesn't pull a classic regulatory ghost, the ETF will list on NYSE Arca and give normies exposure to HYPE's spot price. But here's the kicker: Bitwise's December amendment revealed they want to juice returns with HYPE staking, something Grayscale and 21Shares haven't even hinted at. Extra yield? In this economy? Revolutionary.

HYPE is up 65% since January to roughly $41.96, surviving the crypto winter better than most Celsius accounts. Over 12 months, it's up roughly 182% — a number that has definitely given several VCs an unexpected boner.

Hyperliquid's been absolutely cooking. According to CoinGlass, the protocol broke into the top 10 crypto derivatives platforms by volume in early April, sitting pretty next to giants like Binance, OKX and Bybit. During Q1, Hyperliquid generated $492.7 billion in trading volume — just $90 billion shy of ninth-placed Coinbase. Not bad for a protocol that was probably called a scam somewhere on crypto Twitter at least once.