Bitwise Files to Launch Spot HYPE ETF

Bitwise has applied to launch a spot ETF for Hyperliquid’s HYPE token, which would give U.S. investors direct exposure through traditional markets.

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Posted September 26, 2025 at 10:29 am EST.

Asset manager Bitwise has filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) that will hold Hyperliquid’s native token HYPE.

The Bitwise Hyperliquid ETF will be designed as a physically-backed product, meaning it will directly hold HYPE tokens rather than using derivatives or leverage. Coinbase Custody will act as the fund’s custodian, while Bitwise will manage the trust’s operations.

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If approved, the fund would be the first to offer U.S. investors exposure to HYPE through traditional brokerage accounts.

Earlier this month, Blockworks reported that VanEck plans to file a Hyperliquid staking ETF in Europe.

HYPE has rallied more than 1,200% since its launch last November. The token is currently trading 28% below its all-time high of $59.39 seen last week.