Bitwise has filed to launch the Bitwise Hyperliquid ETF (HYPE ETF), a fund that would directly hold the Hyperliquid (HYPE) token and offer in‑kind creations and redemptions to provide direct exposure to HYPE and its protocol utility.
Bitwise filed an S‑1 to register a trust that holds HYPE tokens, aiming to list an ETF that provides direct token exposure.
The ETF would allow in‑kind creation/redemption, potentially reducing costs and tracking error versus cash‑settled products.
Market data shows Aster’s 24h volume recently tripled Hyperliquid’s; open interest and trading flows will shape regulatory timing.
Bitwise Hyperliquid ETF seeks direct HYPE exposure with in‑kind redemptions; read filing details, timeline, and market impact — learn what investors should watch next.
Bitwise has filed to launch an exchange-traded product tracking Hyperliquid’s token as perpetual futures DEX volumes climb to record highs.
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What is the Bitwise Hyperliquid ETF?
The Bitwise Hyperliquid ETF is a proposed exchange-traded fund registered via a Form S‑1 that would directly hold Hyperliquid (HYPE) tokens to provide investors with token exposure through a regulated trust. The filing indicates the product will support in‑kind creations and redemptions to allow shares to be exchanged for HYPE tokens.
How does Bitwise plan to structure in‑kind redemptions and creations?
Bitwise’s filing states the ETF will permit in‑kind creation and redemption, meaning authorized participants can exchange HYPE tokens for ETF shares and vice versa. In‑kind flows can lower transaction costs and reduce market impact compared with cash-only mechanisms. The SEC formalized guidance in July permitting in‑kind mechanisms for crypto products, which regulators said can be “less costly and more efficient.”
Why is this filing significant for on‑chain futures markets?
Bitwise’s application is notable because it would allow a mainstream asset manager to offer direct exposure to a native DEX token tied to perpetual futures trading volumes. The move signals growing institutional interest in tokenized exposure models similar to the Bitcoin and Ether ETFs launched last year.
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Bitwise submitted a Form S‑1 under the Securities Act of 1933; the ETF will also require a Form 19b-4 to start exchange listing approval with the SEC. The 19b‑4 process can take up to 240 days, though recent SEC approvals for generic listing standards have shortened timelines for assets with sufficient trading history on regulated swaps markets. Bitwise noted there are currently no Hyperliquid futures contracts registered with the CFTC, which may affect any accelerated pathway.
On‑chain data shows sharp divergence in recent volume and open interest between Aster and Hyperliquid. Traders and market makers are watching whether Bitwise’s ETF filing changes liquidity patterns or token demand.
The S‑1 is the first step; after registration, Bitwise must secure exchange listing approval via Form 19b‑4. The filing does not disclose the intended listing exchange, ticker symbol, or fee schedule. Approval timelines depend on the SEC’s review and any outstanding questions about custody, market surveillance, and the availability of regulated derivatives tied to HYPE.
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