Bitwise Hyperliquid ETF Filing Updated — Launch Could Be Near, Analyst Says

Key Takeaways:

• Bitwise filed a 2nd amendment for its BHYP ETF connected April 10, 2026, signaling a U.S. motorboat whitethorn beryllium near.
• Four issuers, including Grayscale and Vaneck are racing to connection spot HYPE vulnerability to U.S. investors.
• HYPE is up 200% successful the past year, fueled by Hyperliquid’s interest buyback mechanics and grounds perps volume.

Four Asset Managers, Including Grayscale and Vaneck Race to Launch U.S. HYPE Spot ETF

Balchunas posted connected X that the update typically precedes a near-term listing, noting that HYPE is up 200% implicit the past twelvemonth and that Bitwise appears to beryllium moving portion marketplace conditions favour the product. The steadfast primitively filed its S-1 registration connection successful September 2025 and submitted Amendment No. 1 connected Dec. 15, 2025, which added the BHYP ticker, the fee, and an 8-A registration statement. Both actions are modular late-stage markers successful the SEC’s ETF reappraisal process.

The U.S. spot ETF has not yet received approval. It remains nether SEC review. However, the repeated amendments bespeak Bitwise has finalized its offering operation and is acceptable to list. The 0.67% interest sits supra the 0.20-0.25% scope communal among bitcoin spot ETFs. Bitwise frames the higher outgo arsenic reflecting nonstop vulnerability to a high-margin decentralized concern (DeFi) perpetuals platform, wherever fees from trading enactment thrust an on-chain buyback-and-burn programme tied straight to HYPE’s value.

One time earlier the latest U.S. filing update, connected April 9, 2026, Bitwise Europe launched the Bitwise Hyperliquid Staking ETP connected Deutsche Boerse Xetra nether the aforesaid BHYP ticker. The European merchandise carries a 0.85% full disbursal ratio, holds HYPE successful acold storage, tracks the Kaiko HYPE Reference Rate, and targets astir 1% nett staking rewards annually.

Bitwise is 1 of 4 plus managers presently pursuing U.S. spot ETF vulnerability to HYPE. 21shares filed an S-1 connected Oct. 29, 2025 for its 21shares Hyperliquid ETF with nary finalized ticker. Grayscale filed for the Grayscale HYPE ETF connected March 21, 2026, proposing the GHYP ticker connected Nasdaq with Coinbase Custody arsenic custodian. Vaneck has confirmed plans for a HYPE spot staking ETF nether the projected ticker VHYP, with filings referenced alongside its European ETP announcements successful September 2025.

No filings from Blackrock, Fidelity, oregon others person been made nationalist astatine the clip of writing. Hyperliquid is simply a furniture 1 (L1) blockchain built specifically for onchain derivatives trading. Its halfway engine, Hypercore, supports afloat onchain perpetual futures and spot bid books with sub-second artifact times, single-block finality, and throughput exceeding 100,000 orders per second. A companion layer, HyperEVM, provides EVM compatibility for smart contract applications that interact straight with the exchange.

The level runs connected HyperBFT statement and handles bid execution successful milliseconds with nary off-chain components. Hyperliquid recorded billions of dollars successful perpetuals volume during macro volatility events successful 2024 and 2025, including lipid and gold perps, positioning it arsenic the starring onchain perps speech by volume. Amidst its growth, Hyperliquid has seen a wide assortment of competitors nipping astatine its heels.

The HYPE token launched Nov. 29, 2024, via an airdrop to much than 90,000 aboriginal users. Total proviso is fixed astatine 1 cardinal tokens. The token is utilized for governance, staking, gas connected HyperEVM, and arsenic the superior economical beneficiary of level revenue. A important information of Hyperliquid‘s trading fees travel into an Assistance Fund that continuously buys backmost and burns HYPE, creating a nonstop nexus betwixt level enactment and token value.

Annualized protocol gross runs into the hundreds of millions of dollars, with margins that analysts estimation supra 97%. The buyback mechanics gives HYPE a deflationary operation that functions otherwise from astir governance tokens.

The exchange-traded merchandise filings correspond an effort by accepted fiscal (TradFi) institutions to bundle that fee-generating instrumentality into a brokerage-accessible product. Whether oregon not the SEC approves immoderate of the 4 pending U.S. applications, the European products are already unrecorded and adding organization entree to HYPE staking returns.

Approval timelines for the U.S. filings stay tied to the SEC reappraisal calendar. All 4 issuers are waiting.