First HYPE ETF Drops: Bitwise's BHYP Locks In 67 bps Fee, SEC Filing Signals Imminent Launch

Bitwise has dropped an amended S-1 registration statement with the SEC for its Hyperliquid ETF, bringing the first HYPE ETF in the U.S. one step closer to reality. The filing reveals key details: the fund will trade under the ticker BHYP on NYSE Arca, with a management fee of 67 basis points. Anchorage Digital Bank will serve as custodian — because when you're handling degenerate traders' life savings, you probably want someone with actual security protocols and not just a Discord mod.

Bloomberg analyst Eric Balchunas noted the amended filing typically signals an imminent launch, pointing out that HYPE is up 200% in the past year — suggesting Bitwise wants to strike while the iron is hot. Nothing says "timing the market" quite like filing an ETF when your underlying asset has gone full moon mode. Classic Bitwise.

The Hyperliquid ecosystem is gaining serious traction. Its HIP-3 markets, which let traders access commodities like gold, silver, and oil, have seen daily open interest consistently exceed $1 billion since early March. That's right — degens can now speculate on precious metals without ever touching a futures contract. The future is now, and it's aggressively speculative.

Other issuers are also circling. Grayscale and 21Shares have both filed for their own HYPE ETFs, with 21Shares filing in October and Grayscale just last month under the ticker GHYP. It's giving "everyone and their mom wants a piece of the HYPE pie" energy. The ETF gold rush is real, folks.

Meanwhile, HYPE has climbed back above the $40 psychological level, posting over 18% gains this week. Crypto whales are piling in — BitMEX co-founder Arthur Hayes recently received 26,022 HYPE worth $1.096 million from Flowdesk, bringing his total holdings to 247,334 HYPE worth approximately $10.44 million. That's enough HYPE to start a small nation. Or at least a very nice yacht. Either way, the man is absolutely vibing with the Hyperliquid narrative.