Key Takeaways:
Bitwise filed a second modification for its BHYP ETF on April 10, 2026, signaling a U.S. launch could also be close to. 4 issuers, together with Grayscale and Vaneck are racing to supply spot HYPE publicity to U.S. traders. HYPE is up 200% prior to now yr, fueled by Hyperliquid’s payment buyback mechanism and file perps quantity.
4 Asset Managers, Together with Grayscale and Vaneck Race to Launch U.S. HYPE Spot ETF
Balchunas posted on X that the replace usually precedes a near-term itemizing, noting that HYPE is up 200% over the previous yr and that Bitwise seems to be shifting whereas market circumstances favor the product. The agency initially filed its S-1 registration assertion in September 2025 and submitted Modification No. 1 on Dec. 15, 2025, which added the BHYP ticker, the payment, and an 8-A registration assertion. Each actions are customary late-stage markers within the SEC’s ETF evaluation course of.
The U.S. spot ETF has not but acquired approval. It stays below SEC evaluation. Nevertheless, the repeated amendments point out Bitwise has finalized its providing construction and is able to checklist. The 0.67% payment sits above the 0.20-0.25% vary frequent amongst bitcoin spot ETFs. Bitwise frames the upper value as reflecting direct publicity to a high-margin decentralized finance (DeFi) perpetuals platform, the place charges from buying and selling exercise drive an on-chain buyback-and-burn program tied on to HYPE’s worth.
Someday earlier than the newest U.S. submitting replace, on April 9, 2026, Bitwise Europe launched the Bitwise Hyperliquid Staking ETP on Deutsche Boerse Xetra below the identical BHYP ticker. The European product carries a 0.85% whole expense ratio, holds HYPE in chilly storage, tracks the Kaiko HYPE Reference Fee, and targets roughly 1% web staking rewards yearly.
Bitwise is certainly one of 4 asset managers at the moment pursuing U.S. spot ETF publicity to HYPE. 21shares filed an S-1 on Oct. 29, 2025 for its 21shares Hyperliquid ETF with no finalized ticker. Grayscale filed for the Grayscale HYPE ETF on March 21, 2026, proposing the GHYP ticker on Nasdaq with Coinbase Custody as custodian. Vaneck has confirmed plans for a HYPE spot staking ETF below the proposed ticker VHYP, with filings referenced alongside its European ETP bulletins in September 2025.
No filings from Blackrock, Constancy, or others have been made public on the time of writing. Hyperliquid is a layer one (L1) blockchain constructed particularly for onchain derivatives buying and selling. Its core engine, Hypercore, helps totally onchain perpetual futures and spot order books with sub-second block instances, single-block finality, and throughput exceeding 100,000 orders per second. A companion layer, HyperEVM, supplies EVM compatibility for sensible contract functions that work together instantly with the trade.
The platform runs on HyperBFT consensus and handles order execution in milliseconds with no off-chain elements. Hyperliquid recorded billions of {dollars} in perpetuals quantity throughout macro volatility occasions in 2024 and 2025, together with oil and gold perps, positioning it because the main onchain perps trade by quantity. Amidst its progress, Hyperliquid has seen all kinds of opponents nipping at its heels.
The HYPE token launched Nov. 29, 2024, by way of an airdrop to greater than 90,000 early customers. Complete provide is fastened at 1 billion tokens. The token is used for governance, staking, fuel on HyperEVM, and because the major financial beneficiary of platform income. A good portion of Hyperliquid‘s buying and selling charges move into an Help Fund that repeatedly buys again and burns HYPE, making a direct hyperlink between platform exercise and token worth.
Annualized protocol income runs into the lots of of thousands and thousands of {dollars}, with margins that analysts estimate above 97%. The buyback mechanism provides HYPE a deflationary construction that capabilities in a different way from most governance tokens.
The exchange-traded product filings symbolize an try by conventional monetary (TradFi) establishments to bundle that fee-generating machine right into a brokerage-accessible product. Whether or not or not the SEC approves any of the 4 pending U.S. functions, the European merchandise are already stay and including institutional entry to HYPE staking returns.
Approval timelines for the U.S. filings stay tied to the SEC evaluation calendar. All 4 issuers are ready.
