Bitwise amends its Hyperliquid ETF filing with the SEC

Bitwise Asset Management could witness the approval and launch of its proposed Hyperliquid exchange-traded fund before the end of the year after filing an amended registration statement with US securities watchdogs dated December 15.

Bloomberg’s senior ETF analyst Eric Balchunas has shared a record on X from the US Securities and Exchange Commission (SEC), which shows Bitwise submitted Amendment No. 1 to its Form S-1 registration statement for the Hyperliquid ETF on Monday. 

The filing updates the original registration under the Securities Act of 1933 and includes language allowing the registrant to delay the effective date “until further notice” or “until the SEC determines the appropriate timing under Section 8(a) of the Act.”

“Bitwise just filed an amendment for its Hyperliquid ETF which added the 8a thing, the fee (67bps) and the ticker $BHYP. Usually, that means launch is imminent. Stay tuned,” Bloomberg’s Balchunas wrote on X, insinuating the ETF launch could come soon.

Bitwise HYPE ETF amendment filing points to near-term debut

As reported by Cryptopolitan, Bitwise filed an S-1 proposal for the Hyperliquid ETF with the SEC in late September. Looking at the amended prospectus, there is a proposed ticker symbol “BHYP,” and according to Reuters, the Bitwise HYPE ETF could be listed on NYSE Arca.  

Under the post-September review procedure, the SEC has authorized crypto ETF issuers to go effective within 30 to 60 days of the initial S-1 filing. The filing of Amendment No. 1, including Section 8(a) language, a finalized fee, and a ticker symbol, is usually interpreted as the final procedural step before effectiveness.

All factors considered would place the most realistic window for trading within the second half of December, or latest early January as a fallback if the regulator waits for internal clearance or market conditions.

The filing disclosed the fund’s unitary management fee, which will be set at 0.67% per annum of the trust’s Hyperliquid holdings. Per the prospectus, the ETF is structured as a trust that issues common shares of beneficial interest on a continuous basis. 

The trust will reference the CF Hype Dollar US Settlement Price to calculate its net asset value, a pricing benchmark produced by CF Benchmarks Ltd. and derived from aggregated executed trade data in Hyperliquid trading “constituent platforms.”

The prospectus says that shares will be created and redeemed in groups of 10,000. This will be based on the amount of Hyperliquid that each share is worth, less any unpaid expenses and debts, and multiplied by the number of shares in a basket.

Bitwise, VanEck seek regulated HYPE exposure as UK mulls crypto law changes

Bitwise’s amendment is part of a small group of pending HYPE-related fund filings submitted to the SEC. Two weeks before Bitwise submitted its original application, VanEck filed a staking-focused Hyperliquid ETF with the US regulator.

VanEck has also been pursuing two Hyperliquid ETFs in the European Union, where regulatory frameworks are less stringent than those in the West. The SEC has not yet approved a Hyperliquid ETF, and it could be a big ask for the regulator to greenlight a staking ETF for a decentralized exchange token. 

In October, Grayscale became the first US-based issuer to begin staking the Ethereum and Solana held by its spot crypto exchange-traded funds. The crypto asset manager introduced staking in its Ethereum and Solana offerings, including the Grayscale Ethereum Trust ETF, the Grayscale Ethereum Mini Trust ETF, and the Grayscale Solana Trust, listed and traded on NYSE Arca.

The push for new crypto investment products is unfolding in Britain, where the finance ministry announced on Monday that the country will begin regulating cryptoassets from October 2027. The government plans to introduce legislation in parliament that would extend financial regulation to companies involved in cryptoassets. 

Finance minister Rachel Reeves told news publications that the rules would provide “clear rules of the road,” strengthen consumer protections and keep “dodgy actors” out of the market. Natalie Lewis, a partner at law firm Travers Smith, said that she hoped the final legislation would include more substantive revisions, citing several technical legal issues in the original draft.

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