The Bitwise spot Hyperliquid ETF, featuring the HYPE token, is poised for an imminent U.S. launch following an amended filing on December 15, 2025. This ETF includes a 0.67% management fee, ticker BHYP, and staking rewards for investors, potentially driving institutional demand for Hyperliquid’s ecosystem.
Amended filing signals launch readiness: Bitwise’s update adds key details like fees and ticker, boosting prospects for approval.
Hyperliquid generates significant revenue: The DEX and Layer 1 have amassed $824 million cumulatively as of December 2025, with a lean team of 11.
Futures open interest declines: Speculative trading for HYPE dropped 50% from September’s $2.1 billion peak to $1 billion in December 2025.
Discover the latest on the Hyperliquid ETF: Bitwise’s spot filing eyes imminent approval, staking rewards, and institutional interest in HYPE. Stay ahead in crypto investments—explore Hyperliquid’s potential today.
What is the Hyperliquid ETF and Its Potential Impact?
The Hyperliquid ETF represents a proposed spot exchange-traded fund in the U.S. that would provide investors direct exposure to the HYPE token, the native asset of the Hyperliquid decentralized exchange and Layer 1 blockchain. Filed by Bitwise, the ETF’s amended application on December 15, 2025, incorporates essential details such as a 0.67% annual management fee and the ticker symbol BHYP, indicating preparations for a near-term debut. This development could mark the first spot Hyperliquid ETF, enhancing accessibility for institutional and retail investors while introducing staking mechanisms to distribute rewards.
According to Bloomberg ETF analyst Eric Balchunas, these updates suggest the launch is “imminent.” The fund’s structure aims to capitalize on Hyperliquid’s robust performance, including its role as a high-volume DEX. By offering a regulated vehicle for HYPE, the ETF could streamline entry into this ecosystem without the complexities of direct cryptocurrency custody.
Source: X
How Will Institutional Demand Influence HYPE’s Value?
Institutional interest in Hyperliquid and its HYPE token is gaining momentum, particularly with the prospect of a spot ETF approval. McKenna, Managing Partner at the crypto venture capital firm Arete, emphasized that “institutional access” to Hyperliquid will be a key focus in 2026. Based on his discussions with major asset managers, they view Hyperliquid as one of the few compelling opportunities due to its substantial cash flow generation.
Hyperliquid’s decentralized exchange (DEX) and Layer 1 network have collectively produced $824 million in revenue as of December 2025, an impressive figure achieved by a team of just 11 members. This efficiency underscores the platform’s appeal to large-scale investors seeking high-yield, scalable blockchain solutions. If the ETF launches, it would create an additional avenue for demand, potentially stabilizing or elevating HYPE’s market position amid broader crypto volatility.
Furthermore, 21Shares has also submitted a filing for a spot HYPE ETF, which, if approved, would expand the competitive landscape. Outside of ETFs, Hyperliquid Strategies recently completed a merger, establishing the largest corporate treasury holding HYPE tokens. These moves signal growing confidence in the ecosystem’s fundamentals, including perpetual futures trading volumes that rival centralized exchanges. Data from on-chain analytics shows Hyperliquid processing billions in daily trades, reinforcing its status as a leader in decentralized finance.
Expert analysis from sources like Bloomberg highlights that such products could mirror the transformative effect seen with Bitcoin and Ethereum ETFs, drawing in billions from traditional finance. However, regulatory hurdles remain, with the SEC’s review process typically spanning several months. Bitwise’s proactive amendments, including fee disclosures, position it favorably, but final approval depends on market conditions and compliance standards.
Frequently Asked Questions
What Are the Key Details of the Bitwise Hyperliquid ETF Filing?
The Bitwise spot Hyperliquid ETF filing, amended on December 15, 2025, includes a 0.67% annual management fee, ticker BHYP, and provisions for staking rewards to benefit investors. This update, as noted by analyst Eric Balchunas, indicates an imminent launch, making it the first such product for HYPE exposure in the U.S. market.
Is the Hyperliquid ETF Likely to Launch Soon?
Yes, based on the recent amended filing with detailed fees, ticker, and operational plans, the Hyperliquid ETF appears ready for a near-term U.S. debut. Bloomberg’s Eric Balchunas described the progress as signaling an “imminent” rollout, pending final SEC approval amid positive institutional sentiment toward HYPE.
Source: Velo
Despite these advancements, challenges persist in the derivatives market. Total open interest (OI) for HYPE futures has stagnated in the fourth quarter of 2025, falling from a September peak of $2.1 billion to approximately $1 billion by December—a 50% reduction. This decline mirrors a broader contraction in the cryptocurrency market, influenced by macroeconomic factors such as interest rate policies and regulatory uncertainties.
Monthly token unlocks have also contributed to investor caution, introducing potential selling pressure. However, Hyperliquid’s token buyback program remains active, with 73.8K HYPE acquired in the past 24 hours as of December 2025. Compared to 26.6K HYPE in staker rewards over the same period, this results in a net deflationary effect, which could support price recovery if sentiment shifts positively.
Source: TradingView
Analyst Altcoin Sherpa has warned that HYPE could test the low $20 range if overall market conditions deteriorate further. At the time of reporting, HYPE was trading at $27, reflecting a 54% drop from its all-time high of $59 earlier in 2025. Technical indicators from platforms like TradingView show consolidation patterns, with support levels around $25 holding firm amid reduced volume.
Hyperliquid’s fundamentals remain strong, with its DEX facilitating advanced trading features like perpetual contracts without intermediaries. The platform’s revenue model, driven by trading fees, has proven resilient, even as global crypto adoption fluctuates. Institutional players, including venture firms like Arete, continue to highlight Hyperliquid’s cash flow as a standout metric in the altcoin space.
Key Takeaways
- Imminent ETF Launch: Bitwise’s amended filing positions the spot Hyperliquid ETF for a potential U.S. debut, complete with staking rewards and a competitive fee structure.
- Strong Institutional Appeal: With $824 million in cumulative revenue, Hyperliquid attracts major asset managers seeking scalable DeFi opportunities, as noted by experts like McKenna from Arete.
- Market Challenges Ahead: Declining futures open interest and token unlocks pose risks, but ongoing buybacks maintain deflationary pressure to aid HYPE’s recovery.
Conclusion
The Hyperliquid ETF filing by Bitwise underscores a pivotal moment for HYPE and the broader altcoin market, with institutional demand poised to reshape accessibility and value dynamics in 2026. As revenue milestones and strategic mergers bolster the ecosystem, investors should monitor SEC developments closely. For those eyeing DeFi innovations, now is the time to evaluate Hyperliquid’s role in diversified portfolios amid evolving regulatory landscapes.