#Bitwise Files for Spot #HypeETF


Bitwise has submitted regulatory filings to launch an exchange-traded fund tracking Hyperliquid's $HYPE token, marking another step in crypto ETF expansion. The proposed fund would directly hold $HYPE tokens and offer in-kind redemptions, allowing shares to be exchanged for actual tokens instead of cash.


The filing comes amid intensifying competition between perpetual futures decentralized exchanges. #Aster has recently surged past #Hyperliquid in trading volumes and open interest, challenging the long-standing leader in on-chain futures trading. Daily perpetual DEX volumes hit an all-time high of $70 billion on Thursday.


Aster's 24-hour volume reached $35.8 billion, more than tripling Hyperliquid's $10 billion over the same period. The #BNBChain-native exchange saw open interest jump to $1.15 billion on Thursday from under $143 million on Sept. 20.


Bitwise filed under the Securities Act of 1933, requiring SEC review that could take up to 240 days. The company will need an additional Form 19b-4 filing to kickstart formal approval processes. The SEC recently approved generic listing standards that may accelerate approvals for tokens traded for six months on CFTC-regulated exchanges.

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September 26, 2025 at 4:18 PM
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