Bitwise Files Second Amendment for Spot Hyperliquid ETF as $BHYP Ticker Signals Launch

Hyperliquid is a decentralized trading platform focused on perpetual contracts, and HYPE is its native token. A spot ETF would allow investors to gain exposure to HYPE’s price through brokerage accounts without holding the token themselves. Grayscale has therefore joined Bitwise and 21Shares in competing for institutional capital.

Grayscale filed an S-1 with the U.S. Securities and Exchange Commission on March 20, 2026. The initial filing did not provide for staking but left room to introduce it later. A subsequent amendment disclosed plans to subscribe for 2 million HYPE, worth about US$115 million, under the ticker HYPG with an annual fee of 0.29%. The final product included staking and was listed on Nasdaq on June 3.

Hyperliquid began as a decentralized perpetual futures platform and has expanded into spot trading, lending and asset issuance. Crypto asset manager Bitwise says viewing it solely as a niche derivatives exchange overlooks its potential to become a global financial-market “super app,” as well as the value of the HYPE token within the platform’s economy.

As of July 2026, HYPE had risen 77% year to date, but Bitwise still called it one of the most mispriced assets in crypto. The firm estimates that Hyperliquid’s annualized revenue could reach $1 billion. With HYPE ETF filings and market interest gaining momentum, investors are focusing on whether its valuation reflects its trading volume and product expansion.