Bitwise Files Final S-1 for Hyperliquid ETF: Launch Imminent?

The wait for a new crypto ETF might be over. Bitwise just filed the final S-1 for its Hyperliquid ETF, clearing the last major regulatory hurdle before launch. The market's holding its breath—this could be the next big wave of institutional money hitting the digital asset space.

What's in the Filing?

The final S-1 isn't just paperwork. It's the green light. This document gives the SEC everything it needs for a final review, meaning the launch clock is officially ticking. No new data gets introduced here—just the final stamp on a process that's been months in the making.

Why This Launch Matters

Another crypto ETF doesn't just add a ticker symbol. It validates the asset class for the big players—the pension funds and asset managers who've been watching from the sidelines. It's a direct pipeline for traditional capital, bypassing the complexity of custody and exchanges that still spook some institutions. Think of it as a financial on-ramp built for Wall Street's limousines.

The Road Ahead

With the final filing in, the launch could happen any day. The market's primed, and the timing feels deliberate. It's a bold move that signals confidence, right when the traditional finance world is scrambling to find its next growth story—because, let's be honest, another 2% bond just isn't cutting it anymore.

Get ready. The gates are about to open.

TLDR

• Bitwise has filed an amended Form S-1 with the SEC for the launch of the first Hyperliquid ETF in the United States.
• The updated filing includes the ETF’s ticker symbol BHYP and a management fee set at 0.67%.
• The ETF will physically hold Hyperliquid tokens and will also stake a portion of the holdings to earn rewards.
• Anchorage Digital Bank will serve as the custodian and will manage both custody and staking operations.
• The ETF will track its net asset value using a benchmark provided by CF Benchmarks.

Bitwise has filed an amended Form S-1 with the U.S. SEC, signaling the potential launch of the first Hyperliquid ETF. The updated filing includes the ETF’s ticker, management fee, and final language, pointing to a possible near-term approval.

Bitwise Updates Hyperliquid ETF Filing with Final Details

The asset manager named the fund “Bitwise Hyperliquid ETF” with a proposed ticker “BHYP” on NYSE Arca. It also confirmed a management fee of 0.67%, as disclosed in the revised S-1 registration statement filed with the SEC.

This filing adds the final legal language and includes information about seed capital from a Bitwise affiliate. Such edits often appear just before an ETF becomes effective and launches on the exchange.

Eric Balchunas of Bloomberg commented, “This kind of filing usually means issuance is imminent.” Bitwise has now joined the list of issuers racing to launch next-generation crypto ETFs in the U.S.

Bitwise just filed amendment for its Hyperliquid ETF which added the 8a thing, the fee (67bps) and the ticker $BHYP. Usually that means launch imminent. Stay tuned. pic.twitter.com/uNXwlIrkga

— Eric Balchunas (@EricBalchunas) December 15, 2025

Fund Will Hold Hyperliquid Tokens and Stake a Portion

The Hyperliquid ETF will physically hold HYPE tokens, giving investors direct and regulated exposure to the asset. Bitwise stated it will stake part of the fund’s HYPE tokens to generate additional rewards for the ETF over time.

Anchorage Digital Bank will act as the custodian and will oversee the secure storage and staking operations. The custodian will maintain segregated accounts for asset protection, according to the updated FORM S-1.

The ETF’s net asset value will track a benchmark by CF Benchmarks, which aggregates prices from leading markets. Bitwise believes staking rewards may help increase the ETF’s HYPE holdings over time, as disclosed in the filing.

Hyperliquid ETF Launch Seen as Near as HYPE Price Stays Flat

The HYPE token was trading at $28.80 on TradingView, down around 0.12% in the last 24 hours. It briefly touched $29.12 earlier before pulling back, while it has dropped 23% in the past month.

Despite the news, HYPE’s short-term reaction remained subdued, though experts still anticipate a potential price move. Analysts say approvals often lead to increased demand for the asset linked to the ETF.

Hyperliquid ETF developments follow broader growth in single-asset crypto funds after Bitcoin and ethereum spot ETF launches. Issuers are now targeting lesser-known digital assets with unique network features and increasing on-chain activity.

The Hyperliquid team moved $90 million in HYPE recently, creating onchain attention as it ranks high in fee generation. Sonnet, a separate firm, also gained approval to launch a HYPE treasury, adding to the ecosystem’s expansion.

Hyperliquid ETF trading may begin within days or weeks once the SEC gives final approval and activates the registration. All preparations now appear complete, with Bitwise awaiting final clearance to launch the first Hyperliquid ETF in the U.S.