Key Highlights
- Bitwise submitted an updated amendment for its Hyperliquid ETF, introducing the $BHYP ticker symbol alongside a 0.67% annual management fee structure.
- Eric Balchunas from Bloomberg ETF analysis team indicated these amendments usually precede imminent product launches.
- The HYPE token has gained 65% year-to-date in 2026, currently priced at $41.96, with a 12-month increase of approximately 182%.
- BitMEX co-founder Arthur Hayes acquired 26,022 HYPE tokens valued at more than $1 million, marking his initial purchase in nearly 90 days.
- The Hyperliquid platform secured a position among the top 10 cryptocurrency derivatives exchanges by trading volume in early April, recording $492.7 billion in Q1 activity.
Bitwise Asset Management has submitted its second revised amendment for a Hyperliquid spot exchange-traded fund to the United States Securities and Exchange Commission. The latest documentation incorporates the trading symbol $BHYP and establishes an annual management fee of 0.67%, equivalent to 67 basis points.
Eric Balchunas, a senior analyst covering exchange-traded funds at Bloomberg, highlighted the filing update through his social media platform X, explaining that such specifications generally indicate an approaching product debut. He pointed out that HYPE has appreciated 200% annually and suggested Bitwise appears eager to capitalize on favorable market conditions.
Bitwise pioneered the Hyperliquid ETF application process when it submitted initial documentation to the SEC during September 2025. The firm now competes with Grayscale, which entered its filing in late March 2026, alongside 21Shares, which submitted its application one month following Bitwise’s initial filing.
Should regulators grant approval, the investment vehicle would become available for trading on the NYSE Arca platform, offering investors direct market exposure to HYPE’s spot valuation. Previous amendment filings from Bitwise have suggested the fund may pursue additional yield generation through HYPE staking mechanisms, a strategy neither competing applicant has publicly proposed.
Hayes Accumulates Seven-Figure HYPE Position
Blockchain tracking service Lookonchain revealed that Arthur Hayes, who co-founded and previously led BitMEX as chief executive, acquired 26,022 HYPE tokens valued at slightly above $1 million on April 11. This transaction represented his first HYPE accumulation in approximately three months.
Hayes’ current holdings have reached 247,344 HYPE tokens, representing a portfolio value near $10.44 million, with unrealized profits estimated at $2.5 million.
The purchase occurred as HYPE regained levels above the $40 threshold. The digital asset had declined beneath $27 during late February following the onset of conflict in Iran, subsequently rallied to $44 by mid-March, retraced to $34, and recovered toward $42 when Hayes executed his transaction.
Balchunas from Bloomberg shared via X: “Bitwise w another update to Hyperliquid ETF includes ticker $BHYP and fee 67bps. Typically that means launch soon. HYPE is up 200% in past yr so they prob trying to strike while iron hot.”
Token Valuation and Exchange Expansion
Data from CoinGecko indicates HYPE is currently valued near $41.96, reflecting a year-to-date 2026 increase of approximately 65% and a trailing 12-month gain of roughly 182%.
Blockchain intelligence provider CoinGlass documented in early April that Hyperliquid had achieved top-10 status among cryptocurrency derivatives trading venues measured by transaction volume. Throughout the first quarter of 2026, Hyperliquid facilitated $492.7 billion in trading activity, positioning the platform ninth overall, trailing Coinbase by approximately $90 billion.
As of April 11, 2026, HYPE maintained a trading price of approximately $41.96 based on CoinGecko market data.
