Hold My Staking Rewards: Bitwise Files BHYP as HYPE Mania Continues Unabated

Bitwise has filed an amended S-1 registration with the SEC for a proposed ETF tied to Hyperliquid's HYPE token, trading under the ticker BHYP on NYSE Arca. Because apparently, your grandparents' retirement portfolio needs some exposure to the degens' favorite perpetuals exchange. The filing dropped like a以太坊 gas fee during peak traffic—suddenly, everyone had opinions.

The fund would hold HYPE directly, giving investors exposure without needing to deal with crypto exchanges or wallets. It also includes a staking component—Bitwise plans to stake a portion of holdings to earn additional tokens, with about 85% of staking rewards retained after fees. The proposed management fee sits at 0.67% annually, with custody handled by Anchorage Digital. Yes, you read that right: they want to stake your staked exposure while charging you 0.67% for the privilege. It's like paying someone to hold your lottery tickets and then having them enter those tickets in their own contest.

HYPE has been on an absolute tear, surging around 200% over the past 12 months. The