In a recent development, crypto asset manager Bitwise has revised its registration statement with the U.S. Securities and Exchange Commission to propose an exchange-traded fund (ETF) linked to Hyperliquid’s HYPE token. The updated filing reveals that this new fund will hold HYPE directly and be listed on NYSE Arca under the ticker BHYP, aiming to provide investors a direct link to the token’s price without needing crypto exchanges or wallets.
The proposed ETF includes a staking feature where it plans to stake part of its holdings to accumulate additional tokens. Bitwise indicates that approximately 85% of the rewards from staking will be retained after accounting for fees. Moreover, the filing outlines a 0.67% annual management fee and details custody arrangements involving Anchorage Digital, a federally chartered crypto bank.
Hyperliquid’s HYPE token has experienced significant growth, with its price increasing by around 200% over the past year due to its status as the preferred decentralized platform for perpetual contracts linked to traditional financial products. Competitors like Grayscale, which plans to list an ETF under the ticker GHYP on Nasdaq, along with 21Shares and VanEck, are also pursuing HYPE-linked exchange-traded funds.