Bitwise seeks US SEC approval for Hyperliquid HYPE spot ETF
Bitwise, a crypto-focused asset manager, files for a HYPE ETF with the US SEC, aiming to give investors easier access to Hyperliquid tokens.
Like Bitcoin and Ether spot ETFs, it would let authorized participants create and redeem shares. As mentioned in the filing, the ETF would hold HYPE tokens, which are used for fees and discounts on Hyperliquid’s blockchain and trading platform.
Hyperliquid has drawn attention as one of the fastest-growing decentralized exchanges for perpetual futures, consistently posting record trading volumes and attracting both retail and institutional traders. Built on its own Layer 1 chain, Hyperliquid emphasizes low latency and deep liquidity, making it a strong competitor to established perpetual DEXs.
Its HYPE token plays a central role in governance and utility. At the time of writing, HYPE is among the 15 largest cryptocurrencies with a market cap of $14 billion. On September 18, 2025, it hit a record high of $59.39 but is currently trading about 28% lower.
Its HYPE token plays a central role in governance and utility. At the time of writing, HYPE is among the 15 largest cryptocurrencies with a market cap of $14 billion. On September 18, 2025, it hit a record high of $59.39 but is currently trading about 28% lower.
The ETF filing from Bitwise comes at a time when perpetual-focused DEXs are reporting record activity and issuers are seeking to expand ETF products to on-chain assets. Earlier, on September 16, Bitwise also applied for a “Stablecoin & Tokenization ETF” designed to track an index of stablecoin issuers and the broader tokenization sector.
An increased number of Spot ETF applications shows demand for investment products beyond Bitcoin and Ether following the US SEC’s recent easing of crypto ETF rules. The changes reduce the need for complex monitoring agreements, a barrier that previously slowed firms from launching new ETFs.
September 2025 saw the launch of several significant crypto-related ETFs, including REX-Osprey™ DOGE ETF (DOJE) and Grayscale CoinDesk Crypto 5 ETF (GDLC), holding a basket of major digital assets, including Bitcoin, Ethereum, XRP, Solana, and Cardano.
On September 25, 2025, the SEC also approved the Hashdex Nasdaq Crypto Index, which provides exposure to Bitcoin, Ethereum, Solana, XRP, and Cardano through the Nasdaq Crypto Index. Other crypto ETF applications awaiting SEC approval include Solana and XRP spot ETFs from major issuers such as VanEck, 21Shares, and Grayscale.
September 2025 saw the launch of several significant crypto-related ETFs, including REX-Osprey™ DOGE ETF (DOJE) and Grayscale CoinDesk Crypto 5 ETF (GDLC), holding a basket of major digital assets, including Bitcoin, Ethereum, XRP, Solana, and Cardano.
On September 25, 2025, the SEC also approved the Hashdex Nasdaq Crypto Index, which provides exposure to Bitcoin, Ethereum, Solana, XRP, and Cardano through the Nasdaq Crypto Index. Other crypto ETF applications awaiting SEC approval include Solana and XRP spot ETFs from major issuers such as VanEck, 21Shares, and Grayscale.
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Web3 writer and crypto HODLer with a keen interest in market trends and recent technologies.
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