Key Highlights
- Bitwise submitted its second amendment for a Hyperliquid ETF, incorporating the ticker symbol $BHYP and establishing a 0.67% annual management fee.
- Eric Balchunas, Bloomberg’s ETF analyst, indicated that such filing updates usually precede an imminent product rollout.
- HYPE has gained 65% year-to-date in 2026 and currently trades near $41.96, with a 12-month increase of approximately 182%.
- BitMEX co-founder Arthur Hayes acquired 26,022 HYPE tokens valued at over $1 million, marking his first purchase in nearly three months.
- In early April, Hyperliquid secured a position among the top 10 cryptocurrency derivatives exchanges by trading volume, recording $492.7 billion in Q1 activity.
Bitwise Asset Management has submitted an updated amendment to its proposed Hyperliquid spot exchange-traded fund with the United States Securities and Exchange Commission. The revised documentation introduces the trading symbol $BHYP and establishes an annual management fee structure of 0.67%, equivalent to 67 basis points.
Eric Balchunas, a senior ETF analyst at Bloomberg, highlighted the amendment on X, explaining that the inclusion of such specifics generally indicates an approaching launch date. He observed that HYPE has climbed 200% over the trailing twelve months and suggested Bitwise appears eager to capitalize on current momentum.
Bitwise became the inaugural asset manager to file for a Hyperliquid ETF with the SEC, submitting its initial application in September 2025. The firm now contends with rival applications from Grayscale, filed in late March 2026, and 21Shares, which submitted its proposal one month following Bitwise’s original filing.
Should the SEC grant approval, the ETF would list on the NYSE Arca exchange, providing investors with direct market exposure to HYPE’s spot price. Bitwise has also disclosed in a previous amendment that the fund may pursue additional yield through HYPE staking mechanisms, a feature absent from both the Grayscale and 21Shares proposals.
BitMEX Co-Founder Accumulates Additional HYPE Tokens
On-chain tracking data from Lookonchain reveals that Arthur Hayes, BitMEX’s co-founder and former chief executive, purchased 26,022 HYPE tokens valued at just over $1 million on April 11. This transaction represents his first acquisition of HYPE in approximately three months.
Hayes’s total holdings now stand at 247,344 HYPE, currently valued at roughly $10.44 million, reflecting an unrealized profit of about $2.5 million.
The purchase occurred as HYPE regained levels above $40. The token had retreated below $27 in late February following the outbreak of conflict in Iran, subsequently rallied to $44 in mid-March, corrected to $34, and recovered to approximately $42 at the time Hayes executed his buy order.
Balchunas commented on X: “Bitwise w another update to Hyperliquid ETF includes ticker $BHYP and fee 67bps. Typically that means launch soon. HYPE is up 200% in past yr so they prob trying to strike while iron hot.”
Token Valuation and Exchange Momentum
Data from CoinGecko indicates HYPE is currently valued at approximately $41.96, representing a year-to-date gain of about 65% since the beginning of 2026 and a 12-month increase of roughly 182%.
CoinGlass, a blockchain analytics service, documented in early April that Hyperliquid had ascended into the top 10 cryptocurrency derivatives trading platforms by volume metrics. Throughout the first quarter of 2026, Hyperliquid facilitated $492.7 billion in trading activity, securing ninth position and trailing Coinbase by approximately $90 billion.
As of April 11, 2026, HYPE maintained a trading price of around $41.96, based on CoinGecko market data.
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