Bitwise Files S-1 for First-Ever HYPE ETF with SEC

Bitwise Investment Advisers has submitted an S-1 filing to the U.S. Securities and Exchange Commission for the first exchange-traded fund tied to Hyperliquid's native token, HYPE. The proposed ETF will hold the token directly, offering investors exposure to Hyperliquid's ecosystem.

The fund structure allows in-kind creations and redemptions, enabling share conversions to HYPE tokens rather than cash—a mechanism designed to reduce operational costs. Approval timelines remain uncertain as Hyperliquid lacks CFTC-registered futures contracts, potentially disqualifying it from the SEC's accelerated review process for crypto ETFs.

HYPE's momentum in decentralized finance circles has intensified following institutional interest, with the token poised for broader market access through regulated investment vehicles. Market observers await details on the ETF's exchange listing and ticker symbol.