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.
Price Chart
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.
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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