Bitwise files with the SEC to launch a spot Hyperliquid ETF

Bitwise Asset Management has filed with US regulators to launch a spot exchange-traded fund (ETF) for blockchain-based perpetual futures protocol Hyperliquid’s token, HYPE.

The proposed fund, titled the Bitwise Hyperliquid ETF, was introduced through an S-1 filing with the Securities and Exchange Commission (SEC) on Thursday. If approved, it would directly hold HYPE and give investors exposure to the digital asset within a regulated investment structure.

JUST IN: Bitwise files with the SEC an S-1 for a spot Hyperliquid ETF pic.twitter.com/HlgOy1v1YK

— Cryptopolitan (@CPOfficialtx) September 25, 2025

According to the filing, the ETF would allow investors to gain direct access to HYPE by holding tokens in a trust. Coinbase Custody Trust Company has been named as custodian for the assets. 

The New York-chartered trust company will secure digital assets and offer insurance through private carriers, although it is not insured by the Federal Deposit Insurance Corporation (FDIC).

Bitwise HYPE ETF filed under the ‘33 Act

According to the prospectus, the proposed investment vehicle will issue shares on a continuous basis, with the number of shares left indeterminate under the registration. 

The asset manager has gone the commonly used Security Act of 1933 route for its HYPE ETF filing, which requires a review timeline and rule change from regulators before it is approved. 

The ‘33 Act is different from traditional funds regulated under the Investment Company Act of 1940, which classifies funds as investment companies or a commodity pool, like the Rex-Osprey XRP ETF. 

The SEC approved the Rex-Osprey XRP ETF filed in late June in just under 90 days, clearing the fund for launch on September 18, Cryptopolitan reported.

The filing also clarifies that Bitwise, as sponsor, will not fall under the jurisdiction of the Commodity Futures Trading Commission (CFTC).

Bitwise is also planning to offer the proposed product with the use of in-kind creations and redemptions. This means investors could exchange shares of the ETF for actual HYPE tokens instead of cash, which would directly link the trust to the asset’s liquidity.

The S-1 does not yet specify the exchange where the product would be listed, the ticker symbol under which it would trade, or the fees charged to investors. Approval of the product will also require a Form 19b-4 filing to formally kick off the SEC review that could take up to 240 days.

As reported by Cryptopolitan earlier this month, the SEC under chair Paul Atkins passed new generic listing standards for crypto ETFs that remove the need for the agency to scrutinize each product individually. If the underlying token has been traded for six months on a CFTC-regulated market, approval timelines may be shortened.

Bitwise ETF filings still pending approval

Bitwise has been expanding its roster of crypto-focused ETFs after its first proposal for a spot Bitcoin ETF BITB was approved by the SEC in January 2024, alongside 11 other investment vehicles from other issuers. 

According to the asset manager’s website, under custodian Bank of New York Mellon, BITB has 74,070,000 outstanding shares and about $4,417 billion assets under management. 

In July, Bitwise attempted to convert its flagship BITW crypto index fund into an ETF, which had initially received SEC approval, but was then placed on hold, delaying its launch.

The firm has also pursued single-asset funds for altcoins, filing for a spot XRP trust with the SEC in October last year, which was followed by filings from Aptos and NEAR products. Each of these proposals was submitted through the SEC’s EDGAR system, initiating lengthy review periods under which the agency has up to 240 days to issue a ruling.

So far, the Commission has exercised its authority to extend these reviews, with deadlines for Bitwise’s altcoin ETF proposals currently pushed to late 2025.

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