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Bitwise's amended S-1 adds fee, ticker BHYP, and custody details, signaling a potential ETF launch phase

The proposed ETF would hold HYPE tokens directly, list on NYSE Arca, and track a CF Benchmarks index

Anchorage Digital named custodian as seed funding is confirmed, while HYPE price remains lower

Bitwise Asset Management has moved closer to launching what would be the first spot Hyperliquid exchange-traded fund in the United States after submitting an amended Form S-1 registration statement to the Securities and Exchange Commission. The latest filing adds several operational details that appear in the final stages of an ETF approval process, signaling that the product may be nearing market entry, even as the HYPE token remains under pressure following the announcement.

According to the updated registration statement, the proposed Bitwise Hyperliquid ETF now includes its management fee, ticker symbol, and finalized registration language. The filing lists a management fee of 0.67% and identifies the ticker as BHYP. Such disclosures are commonly introduced shortly before a fund becomes effective, based on the pattern seen with previous crypto ETF launches in the U.S.

The amendment also reflects the completion of procedural steps required ahead of a potential launch. Bloomberg ETF analyst Eric Balchunas noted that filings containing these elements often indicate that issuance is close, though no approval date has been confirmed by regulators.

Structure and Listing Information

Under the proposed structure, the ETF would provide regulated exposure to Hyperliquid's native HYPE (CRYPTO: $HYPE ) token. The fund is expected to hold HYPE tokens directly rather than using derivatives or synthetic exposure. If approved, shares of the ETF would be listed on NYSE Arca.

Net asset value calculations would rely on a benchmark supplied by CF Benchmarks. The pricing index aggregates trading data from major Hyperliquid markets, according to the filing. This approach mirrors methodologies used in other recently approved spot crypto ETFs.

Custody, Staking, and Seed Capital

Anchorage Digital Bank has been named as the custodian for the fund. The filing states that Anchorage will hold the assets in segregated accounts and oversee custody protections as well as staking operations. Bitwise also disclosed plans to stake a portion of the ETF's holdings, with staking rewards expected to accrue to the fund over time.

The amended S-1 further confirms that seed funding has already been provided by a Bitwise affiliate. Seed capital disclosures typically occur shortly before an ETF launch, as they enable initial share creation once regulatory approval is granted.

Despite the regulatory progress outlined in the filing, the price of HYPE has declined following the announcement. The amended registration does not provide commentary on market performance, focusing instead on operational readiness and fund mechanics.