Bitwise accelerates Hyperliquid ETF filing as it targets SEC approval in United States regulatory market

There’s a noticeable shift happening behind the scenes in the crypto ETF space, and it revolves around one name: Bitwise Asset Management.

The firm has just filed a second amendment with the U.S. Securities and Exchange Commission for its proposed spot Hyperliquid ETF—and while that might sound procedural, it’s anything but routine.

In fact, this kind of update often signals that things are moving closer to the finish line.

New Trading Partners Enter the Picture

In its latest filing, Bitwise expanded its roster of trading counterparties—the firms responsible for handling liquidity and execution.

The newly added names include FalconX, Flowdesk, Nonco, and Wintermute.

These additions matter. In ETF filings, counterparties play a critical role in ensuring smooth trading and price alignment with the underlying asset.

A stronger lineup suggests greater institutional readiness—and often, regulatory confidence.

Interestingly, this update also reflects some reshuffling.

Earlier filings included A1 (now removed) and Solios, which was later clarified as operating under FalconX.

Earlier Clues About the Fund’s Structure

This isn’t Bitwise’s first move. Back in late 2025, the company disclosed key details about the fund, including its ticker symbol BHYP, a management fee of 0.67%, and a plan to generate additional yield through staking the underlying asset—HYPE.

That last point is especially notable. Staking within an ETF structure is still a developing concept and could set this product apart if approved.

A Race With Heavyweights

Bitwise isn’t alone in chasing a Hyperliquid ETF. 21Shares filed its own application months earlier, while Grayscale Investments joined the race more recently in 2026.

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Still, momentum appears to be tilting in Bitwise’s favor.

According to ETF analysts like Eric Balchunas, the timing and nature of this second amendment hint that approval could be closer than many expected.

If cleared, the fund is expected to list on NYSE Arca, giving traditional investors direct exposure to the spot price of Hyperliquid’s native token, HYPE.

Why Hyperliquid Is Turning Heads

At the center of all this is Hyperliquid (HYPE), the token powering a decentralized perpetual futures trading platform.

Unlike many altcoins that have struggled with volatility this year, HYPE has surged ahead.

Its growth has been partly fueled by global uncertainty, including tensions in the Middle East, which pushed traders toward decentralized platforms that operate 24/7.

That accessibility—trading anytime, without traditional market constraints—has made Hyperliquid particularly attractive during unstable periods.

A Strong Performance in a Shaky Market

The numbers back it up. HYPE has climbed more than 65% since the start of the year and nearly tripled over the past 12 months.

Even more recently, it bounced back above the $40 level, posting a weekly gain of around 20%.

At the time of writing, the token is hovering just under $43, continuing to show resilience despite broader market swings.

Impact and Consequences

If approved, this ETF could mark a major milestone—not just for Hyperliquid, but for the broader crypto market. It would:

• Open the door for institutional investors to gain exposure to HYPE without directly holding crypto
• Increase liquidity and visibility for the token
• Potentially validate staking-based ETF models
• Intensify competition among asset managers racing to tokenize crypto exposure

There’s also a ripple effect to consider.

A successful launch could encourage more filings tied to emerging DeFi ecosystems, not just established assets like Bitcoin or Ethereum.

What’s Next?

All eyes are now on the SEC. While approval isn’t guaranteed, the tone of recent filings suggests it may be a matter of timing rather than possibility.

If Bitwise gets the green light first, it could secure a crucial first-mover advantage—something that has historically translated into significant market share in the ETF world.

Meanwhile, competitors like 21Shares and Grayscale are unlikely to sit still, meaning this space could heat up quickly.

Summary

Bitwise’s latest amendment isn’t just a paperwork update—it’s a strong signal that a spot Hyperliquid ETF could soon become reality.

With new counterparties onboard, a defined structure, and growing market interest in HYPE, the pieces are falling into place.

Whether this becomes the next big crypto investment vehicle now depends on regulatory timing.

Bulleted Takeaways

• Bitwise filed a second amendment for its spot Hyperliquid ETF with the SEC
• New counterparties include FalconX, Flowdesk, Nonco, and Wintermute
• The ETF will track HYPE and may include staking for added yield
• Competitors 21Shares and Grayscale are also pursuing similar products
• HYPE has surged over 65% year-to-date and nearly 200% in a year
• Approval could bring institutional access and increased legitimacy to the token
• A launch on NYSE Arca would mark a major step for DeFi-linked ETFs