Crypto asset manager Bitwise has filed an amended registration statement with the U.S. Securities and Exchange Commission for a proposed exchange-traded fund (ETF) linked to the Hyperliquid HYPE.
The updated S-1 for the fund, which would hold HYPE directly and list on the NYSE Arca, said it would trade under the symbol BHYP. The fund aims to track the price of the token, offering investors exposure to it without leveraging crypto exchanges or wallets.
The proposed product includes a participation component. Bitwise said the fund would stake a portion of its holdings to earn additional tokens, with approximately 85% of the staking rewards retained after fees.
The filing also details a 0.67% annual management fee and escrow agreements with Anchorage Digital, a federally chartered crypto bank.
The price of Hyperliquid’s HYPE token has skyrocketed over the past year. The token is up around 200% in the last 12 months as it became the go-to decentralized trading platform for perpetual contracts, including those linked to traditional financial products.
Other asset managers have also chosen to include exchange-traded funds linked to HYPE. These include Grayscale, which filed last month to list under the symbol GHYP on Nasdaq, as well as 21Shares and VanEck.
