Cryptocurrency management company Bitwise Asset Management has taken a significant step towards launching a new exchange-traded fund (ETF) focused on Hyperliquid (HYPE).
According to updated filing documents submitted to the SEC, the company made a second amendment to Form S-1 filing for the âBitwise Hyperliquid ETF.â
Bloomberg ETF analyst Eric Balchunas stated that the update indicates an imminent ETF launch. Balchunas added that the ETF will trade under the ticker âBHYPâ and will have an annual management fee of 0.67% (67 basis points). According to the experienced analyst, clarification of such details is generally considered an indication that the product will be launched soon.
Balchunas also noted that the price of Hyperliquid (HYPE) has increased by approximately 200% in the last year, and stated that Bitwise wants to âlaunch the product while itâs hotâ following this strong performance.
According to the application documents, the Bitwise Hyperliquid ETF aims to offer investors direct exposure to the Hyperliquid asset. The fundâs primary objective is to reflect the value of Hyperliquid held, while its secondary objective is to provide additional returns through staking.
The ETFâs shares are planned to be listed on the NYSE Arca exchange. The fundâs net asset value (NAV) will be determined based on the Hyperliquid-Dollar reference price calculated by CF Benchmarks.
*This is not investment advice.