Bitwise Files for Spot Hyperliquid ETF Amid DEX Futures Boom

Bitwise Asset Management has filed with regulators to launch a spot ETF for Hyperliquid (HYPE), marking a strategic expansion into decentralized exchange (DEX) derivatives exposure. The proposed fund would hold HYPE tokens directly, mirroring the in-kind creation/redemption model recently approved for Bitcoin and Ether ETFs.

Hyperliquid's native token serves dual utility—offering trading fee discounts on its perpetual futures DEX and functioning as the chain's gas token. The filing arrives as DEX derivatives volumes hit record highs, signaling institutional interest in capturing this growth through regulated vehicles.

While key details like listing venue and fees remain undisclosed, the structure leverages the SEC's July ruling allowing physical redemptions for crypto ETFs. This approach minimizes tracking error and operational friction, addressing persistent challenges in crypto ETP wrappers.