Bitwise has submitted a filing to launch the Bitwise Hyperliquid ETF, a spot product that directly holds HYPE tokens from the Hyperliquid perpetual futures protocol and blockchain.
The filing outlines that the ETF will “seek to provide exposure to the value of Hyperliquid held by the Trust” and allow in-kind creation and redemptions—enabling shares to be exchanged for tokens rather than cash.
Details such as listing exchange, ticker, and fee structure remain undisclosed.
The application arrives as competition among perpetual futures decentralized exchanges (DEXs) intensifies. Aster, which launched its token earlier this month, has already overtaken Hyperliquid in trading volume and open interest, signaling a shifting market landscape.
Bitwise’s move mirrors the structure of the successful spot Bitcoin and Ether ETFs launched last year, extending investor access to emerging DeFi protocols. If approved, the ETF would provide institutional and retail players exposure to one of the leading on-chain derivatives markets.
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