BHYP Bitwise Hyperliquid ETF
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Executive Summary
The SEC declared effective the S-1 registration statement for the Bitwise Hyperliquid ETF (BHYP) on May 14, 2026. This is a new exchange-traded product that will hold Hyperliquid and trade on NYSE Arca, with a reduced sponsor fee of 0.34% (waived entirely for the first month on the first $500M of assets). The ETF is now cleared to begin trading, with an affiliate expected to purchase $1M in initial baskets at $25/share to seed the fund.
Actionable Insight
The ETF is now cleared to list and begin trading, likely within 1-2 days. The reduced fee (0.34% vs. 0.67% in earlier filings) and first-month waiver on the first $500M are competitive and should support early AUM growth. Monitor first-day trading volume and NAV premium/discount; the staking yield component adds a potential yield advantage over pure spot exposure. The Hyperliquid token (HYPE) may see increased demand as the ETF accumulates the underlying asset.
Key Facts
- S-1 declared effective by SEC on May 14, 2026
- ETF will trade on NYSE Arca under ticker BHYP
- Sponsor fee reduced to 0.34% from prior 0.67% in earlier S-1/A filings
- Full sponsor fee waiver for first month on first $500M of Trust assets
- Affiliate Bitwise Investment Manager to purchase $1M in initial baskets (40,000 shares at $25/share)
- Seed capital of $200 purchased on Nov 24, 2025 at $25/share (8 shares)
- Trust holds Hyperliquid and seeks staking yield as secondary objective
- Custodian: Anchorage Digital Bank N.A.
- Pricing benchmark: CF Hyperliquid-Dollar US Settlement Price by CF Benchmarks
Financial Impact
New ETF launch with $1M seed capital at $25/share; sponsor fee of 0.34% with full waiver on first $500M for first month
Risk Factors
- Crypto ETF may trade at premium or discount to NAV
- Hyperliquid is a relatively new and volatile crypto asset
- No prior public market for BHYP shares — price discovery uncertain
- Staking involves validator and slashing risks
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| EFFECT Filing (Primary) | 9999999995-26-001633 |
| Document: 9999999995-26-001633-index.html | 9999999995-26-001633 |
| Document: 9999999995-26-001633.txt | 9999999995-26-001633 |
US Market Status
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