Another Altcoin is Close to Launching a Spot ETF – Could Hit the Market Soon

Cryptocurrency asset management company Bitwise has taken another significant step in its application for an exchange-traded fund (ETF) based on the Hyperliquid (HYPE) network.

The company clarified the fund’s ticker code and management fee in an updated registration document submitted to the U.S. Securities and Exchange Commission (SEC). The disclosure of such details typically signals that ETFs are nearing their launch.

According to the amended prospectus filed with the SEC, the Bitwise Hyperliquid ETF will trade on the NYSE Arca under the ticker symbol BHYP and will charge an annual administration fee of 0.67%. Bloomberg Intelligence ETF analyst Eric Balchunas stated that the inclusion of finalized economic conditions, ticker information, and updated effective date statements in the filing indicates the process has progressed to an advanced stage, adding, “This generally means launch is imminent.”

Bitwise filed its initial Form S-1 application for a Hyperliquid ETF in September, becoming the first asset manager in the US to offer spot exposure to the HYPE token. This latest update comes as competition around Hyperliquid-focused products is beginning to take shape. While 21Shares also filed a Hyperliquid ETF application in October, no ticker or fee information has yet been released for that application.

According to the application, the Hyperliquid ETF aims to track the value of HYPE tokens held by the trust, after deducting expenses. The fund also aims to provide additional returns through staking. Anchorage Digital Bank is listed as the custodian of the fund’s assets.

*This is not investment advice.