Bitwise Inches Toward Hyperliquid ETF Launch With Second Amended Filing
Bitwise Investment Advisers LLC has taken another step toward bringing a Hyperliquid-focused exchange-traded fund to market. According to CoinTelegraph, the firm filed an amended application that assigns the ticker symbol $BHYP and establishes a management fee of 0.67%—details that suggest the regulatory machinery is actually moving forward this time.
This is the second amended filing. And that matters because it tells us something crucial: the SEC conversation isn't stalled.
The 0.67% fee deserves scrutiny here. It sits right in the middle of the modern crypto ETF landscape. Bitcoin spot ETFs, which launched in early 2024, typically charge between 0.19% and 0.25%. Ethereum's are clustered around 0.25%. So Bitwise is charging roughly three times what investors pay for exposure to the two largest cryptocurrencies. Why? Because Hyperliquid isn't Bitcoin. It's a smaller, higher-volatility asset with less trading infrastructure. Higher operational costs justify higher fees.
The real question is whether investors will accept that premium for Hyperliquid exposure.
Bitwise Investment Manager LLC has built something of a reputation in this space. The firm's investment strategy for 2026 appears to center on capturing emerging blockchain opportunities before they reach mainstream adoption. Their CIO memo from late 2024 emphasized exposure to layer-two solutions and alternative execution layers—categories where Hyperliquid operates. They're not randomly chasing hype. There's a thesis here.
So what's Hyperliquid anyway?
It's a decentralized perpetual futures exchange that's gained traction with traders seeking capital efficiency and fast execution. The platform operates on its own blockchain, which creates both opportunity and complexity for someone trying to wrap it into an ETF structure. There's no custodial setup as clean as holding Bitcoin in a vault. There's no existing infrastructure. Bitwise Investment Advisers has had to negotiate novel ground with regulators who've never seen something quite like this before.
The amended filing—specifically the assignment of a ticker symbol—typically indicates the SEC is moving past preliminary questions. Agencies don't hand out tickers for products they're still deeply skeptical about. They do it when approval seems probable.
Look at the timeline. Bitwise's first filing probably arrived in 2025. The second amendment, with full ticker designation, comes in April 2026. That's not lightning-fast. Government agencies don't move that way. But it's also not frozen in bureaucratic amber. It's motion.
Bitwise investments more broadly have benefited from this kind of patient regulatory engagement. The firm didn't panic when Bitcoin ETF approval took years. They didn't disappear when crypto faced headwinds in 2022 and 2023. Bitwise investment advisers careers have probably never been more appealing—the firm's credibility in the institutional space has only grown. Their review among sophisticated investors emphasizes careful compliance and methodical execution. Those qualities matter when you're asking regulators to green-light something untested.
Here's what happens next: approval probably arrives sometime in the next six to twelve months. Launch follows quickly after. Early volume will tell us whether institutions genuinely want Hyperliquid exposure or whether this becomes a retail-focused product with modest assets under management.
The cybersecurity angles matter too. Bitwise cyber security protocols have been solid. But custody of Hyperliquid tokens? That's a new frontier. The amended filing probably includes detailed security documentation the previous application lacked. Every subsequent amendment usually means the SEC demanded more specificity on a particular risk vector.
Frankly, if this launches and works smoothly, it won't be because Hyperliquid is the obvious next crypto ETF target. It'll be because Bitwise Investment Manager LLC executed flawlessly on something genuinely novel.