Hyperliquid ETF race: Bitwise files ticker and fee details as Grayscale and 21Shares chase from behind

Bitwise Asset Management has amended its Hyperliquid ETF filing with the SEC, adding a ticker symbol BHYP and a management fee of 0.67%.

Bloomberg Senior ETF Analyst Eric Balchunas flagged the update as a late-stage signal: tickers and fees typically appear when a launch is approaching. With 21Shares and Grayscale also in the queue, the race for the first regulated HYPE exposure product is entering its final phase.

Update Signals Imminent Launch

The updated Hyper-liquid ETF filing introduces key operational details, including the ticker symbol BHYP and a management fee of 0.67%.

These additions are often seen as late-stage signals in the ETF approval process.

Bloomberg Senior ETF Analyst Eric Balchunas weighed in on the development, noting on X:

“When you see tickers and fees added, that’s usually a sign the ETF is getting close to launch.”

This insight has fueled optimism around the Hyper-liquid ETF, especially as investor appetite for crypto-backed financial products continues to expand.

The proposed fund is expected to trade on NYSE Arca and track the spot price of Hyperliquid (HYPE), offering traditional investors regulated exposure to the asset.

ETF Race Intensifies Among Asset Managers

The Hyperliquid ETF space is quickly becoming competitive. Bitwise was the first to file for a Hyper-liquid ETF back in September, positioning itself as an early mover. However, rivals have since entered the arena.

21Shares followed with its own filing just a month later, while Grayscale joined the Hyperliquid ETF race in late March.

This growing list of applicants underscores the rising institutional interest in Hyperliquid as a viable crypto asset class.

The competition reflects a broader trend: asset managers are racing to secure first-mover advantage in emerging crypto ETF categories, much like the earlier battles seen with Bitcoin and Ethereum ETFs.

Hyperliquid ETF Innovation: Staking Feature Sets Bitwise Apart

One of the most compelling aspects of the Bitwise Hyperliquid ETF proposal is its potential integration of staking.

According to earlier filings, the fund may generate additional yield by staking HYPE tokens.

This feature could differentiate the Bitwise Hyper-liquid ETF from competing offerings. Neither Grayscale nor 21Shares has clearly outlined staking mechanisms in their filings, giving Bitwise a potential edge.

Industry observers see this as part of a broader evolution in crypto ETFs. Rather than simply tracking price, next-generation products like the Hyper-liquid ETF may offer yield-generating capabilities.

A digital asset strategist at Bitwise commented:

“Investors are no longer satisfied with passive exposure alone. The future of crypto ETFs lies in combining access with yield.”

Hyperliquid ETF Backed by Strong Market Performance

The growing excitement around the Hyperliquid ETF is supported by strong underlying market fundamentals.

Hyperliquid (HYPE) has posted impressive gains in 2026, rising approximately 65% year-to-date and about 176% over the past 12 months.

This performance has not gone unnoticed. Data from CoinGecko highlights sustained upward momentum, while CoinGlass reports that Hyperliquid has entered the top 10 crypto derivatives platforms by trading volume.

In the first quarter alone, the platform generated a staggering $492.7 billion in trading volume, placing it just below Coinbase by roughly $90 billion.

This explosive growth reinforces the case for a Hyper-liquid ETF, as institutional investors increasingly seek exposure to high-performing crypto ecosystems.

Hyperliquid ETF Could Unlock Institutional Floodgates

The approval of a Hyperliquid ETF would mark a major milestone for the crypto industry. It would provide a regulated gateway for institutional and retail investors to gain exposure to HYPE without directly holding the asset.

Market analysts believe that such a product could unlock significant capital inflows. Drawing parallels with Bitcoin ETFs, which saw billions in inflows post-launch, the Hyperliquid ETF could follow a similar trajectory if approved.

Eric Balchunas emphasized the broader impact, stating:

“New crypto ETFs don’t just track assets—they legitimize them in the eyes of institutional investors.”

As the SEC reviews multiple applications, the future of the Hyperliquid ETF remains uncertain—but momentum is clearly building.

Bitwise’s latest amendment has intensified expectations that approval may come sooner rather than later.

For now, the Hyperliquid ETF narrative continues to dominate headlines, signaling a new phase in the evolution of crypto investment products.

Whether Bitwise secures first-mover advantage or faces stiff competition, one thing is clear: the race for the first Hyperliquid ETF is entering its final stage.