Bitwise Nears BHYP Launch with SEC Filing Update

Bitwise Asset Management has taken another step towards launching its Hyperliquid ETF (BHYP) in the US. The company filed an amended proposal with the Securities and Exchange Commission (SEC), which includes new trading counterparties and operational details.

The updated filing names FalconX, Flowdesk, Nonco, and Wintermute as approved counterparties for HYPE trading. This is a significant development, as these companies will be involved in facilitating trades for the ETF.

Bitwise has set an annual management fee of 0.67% for the fund, which will trade on the NYSE Arca under the ticker BHYP. The company plans to stake its HYPE holdings substantially, excluding a 30% liquidity reserve kept available for redemptions.

The SEC review process is ongoing, and Bitwise has progressed further than its competitors in this regard. Grayscale and 21Shares have also submitted proposals for spot HYPE ETFs, but they are behind Bitwise in the approval process.