Bitwise, that venerable asset manager with a taste for the theatrical, has filed to launch an exchange-traded fund designed to track Hyperliquid (HYPE), the token tethered to the crypto perpetual futures scheme of the same name. A scene that could have been staged in a drawing-room, if money could ever be so grandly tedious. 😏💼
According to a regulatory filing with the SEC on Thursday, the proposed Bitwise Hyperliquid ETF will directly hold HYPE tokens, which provide discounts on Hyperliquid’s decentralized exchange (DEX) and are used to pay blockchain fees. A purchase that sounds suspiciously like paying the piper with the piper’s own coins, but one must not scoff at discount tokens in glass cases. 🧐💳
The filing does not yet reveal the ETF’s trading exchange, ticker symbol, or management fees. If approved, the fund will allow in-kind creations and redemptions, meaning investors can swap ETF shares for HYPE tokens rather than cash. This approach, approved by the SEC in July for crypto products, aims to reduce costs and improve efficiency-a goal as fashionable as it is vague.
Growing competition in perpetual futures
Bitwise’s filing arrives as the perpetual futures DEX arena becomes a veritable showroom of rivalry. Aster, a BNB Chain-based DEX, recently launched its token, and the buzz has translated into a striking surge in both trading volume and open interest. 💹✨
DefiLlama reports Aster’s 24-hour trading volume at $35.8 billion-more than double Hyperliquid’s $17 billion-while CoinGlass shows Aster’s open interest leaping to $1.16 billion, up from $143 million earlier in the week, whereas HYPE’s open interest rests at about $2.2 billion. A classic case of the hare and the tortoise, with a blockchain twist. 🐇🐢
SEC approval process ahead
Bitwise submitted a Form S-1 under the Securities Act of 1933 to register the ETF, the ceremonial first step in the bureaucratic tango toward approval. A Form 19b-4 will follow to initiate SEC review, potentially stretching out to 240 days. 🕰️💃
While the SEC has blessed generic listing standards for crypto ETFs, Bitwise notes that no Hyperliquid futures contracts are currently registered with the Commodity Futures Trading Commission (CFTC), a fact that could nudge the clock in curious directions.
The Bitwise Hyperliquid ETF promises direct crypto exposure as the DEX market undergoes rapid shifts. With Aster outperforming Hyperliquid in volume and open interest, the ETF may find a following, yet the timelines of approval and the mercurial pace of the market remain the principal plot twists. 📈😅
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2025-09-26 11:01