Bitwise BHYP: First Hyperliquid ETF Files with the SEC

On April 11, 2026, Bitwise filed an updated S-1 prospectus with the SEC for BHYP, the first spot ETF tracking Hyperliquid's HYPE token, listed on NYSE Arca. That same morning, Arthur Hayes purchased $1.1 million in HYPE. The timing was not coincidental.

Source: Bitwise S-1 SEC · Bloomberg ETF Intelligence · April 11, 2026

Eric Balchunas of Bloomberg, the most-followed ETF analyst on Wall Street, wrote in a post on X that when an issuer adds a ticker and fee structure to a filing, launch is imminent. BHYP. Fee: 0.67%. Custodian: Anchorage Digital, the first federally chartered digital bank in the United States. Exchange: NYSE Arca. The structure is complete. Grayscale and VanEck have already queued their own filings with the SEC.

The obvious question: why Hyperliquid? Because HYPE carries a mechanism few other crypto assets can match. According to the Bitwise S-1 filing, Hyperliquid returns 97% of all trading fees through open-market buybacks and burns of HYPE. In March 2026, the platform recorded over $700 billion in perpetual derivatives volume, per Bloomberg ETF Intelligence data. Those buybacks have real weight on circulating supply. More volume on the platform means fewer tokens in circulation and structural upward pressure on price. Arthur Hayes had clearly identified this dynamic when he bought $1.1 million in HYPE the same morning the filing landed, targeting a price of $150 by August.

What Is Hyperliquid and Why Does It Have an ETF?

Functionally, hyperliquid is a fully on-chain derivatives exchange built on its own proprietary Layer 1 blockchain. Unlike a standard DEX on Ethereum or Solana, Hyperliquid executes trades on a blockchain optimized for speed, running an on-chain order book that processes thousands of operations per second. The practical result: performance comparable to a centralized exchange like Binance, without centralized custody of user funds.

The parallel with Bitcoin ETF momentum is hard to dismiss. When BlackRock launched IBIT in January 2024, it opened a distribution channel to the financial advisors and registered investment advisors who had never touched crypto directly. BHYP targets the same effect, but with an asset backed by real platform revenue. The $700 billion in monthly perp volume is not narrative; it's the engine powering the buyback mechanism. For European investors, an ETP on HYPE is already listed on Germany's Xetra exchange with a staking component, ahead of the SEC's final decision on BHYP.

Bitwise w another update to Hyperliquid ETF includes ticker $BHYP and fee 67bps, though typically that means launch soon. HYPE is up 200% in past yr so they prob trying to strike while iron hot pic.twitter.com/xt5gc9BpSI

— Eric Balchunas (@EricBalchunas) April 10, 2026

The Altcoin ETF Landscape: Where BHYP Differs

The altcoin ETF race has not been smooth. Products tracking Dogecoin, HBAR, Avalanche, and Polkadot received approval but delivered disappointing trading volumes. BHYP arrives with a stronger fundamental case: revenue from an operating platform, a verifiable on-chain buyback mechanism, and an institutional queue that includes Grayscale and VanEck. Goldman Sachs showed with its Bitcoin Premium Income ETF that Wall Street can build compelling products around crypto assets when real numbers underpin the structure. Hyperliquid has those numbers.

A near-term technical upgrade adds another layer to the story. HIP-4 will bring native prediction markets to Hyperliquid, covering politics, sports, macro, and finance. If implemented, it transforms the platform from a derivatives exchange into a broad on-chain event infrastructure, in direct competition with Polymarket. Every event on HIP-4 generates volume, and every unit of volume feeds the HYPE buyback mechanism.

Bitwise just filed amendment for its Hyperliquid ETF which added the 8a thing, the fee (67bps) and the ticker $BHYP. Usually that means launch imminent. Stay tuned. pic.twitter.com/uNXwlIrkga

, Eric Balchunas (@EricBalchunas) December 15, 2025

What to Watch Before the SEC Decides

The AI agent layer adds one more variable. Autonomous AI agents are already executing trading strategies on platforms similar to Hyperliquid; if that activity scales on Hyperliquid itself, volume growth could become non-linear. The SEC decision on BHYP is expected before the end of summer 2026. The updated filing signals that Bitwise has done the math and is ready. For US-based registered investment advisors considering crypto exposure for clients, BHYP would represent the first compliant, regulated entry point into the on-chain derivatives ecosystem at scale. The date to watch is the SEC's formal review deadline, which the filing clock has already started.