Bitwise Seeks Approval for Hyperliquid ETF, First of Its Kind in the U.S

Crypto asset manager Bitwise has taken another step into the expanding digital asset ETF market, filing a prospectus with the U.S. Securities and Exchange Commission (SEC) for a fund tied to Hyperliquid (HYPE).

If approved, the product would be the first exchange-traded fund to track the Layer 1 blockchain’s native token, signaling growing institutional interest in DeFi-focused projects.

Bitwise’s Hyperliquid ETF filing

According to the S-1 filing, the Bitwise Hyperliquid ETF would mirror the performance of HYPE, Hyperliquid’s utility token. Hyperliquid has positioned itself as a blockchain tailored for decentralized finance applications, with a focus on perpetual futures trading and high-performance settlement.

While details on custody and pricing methodology have not yet been finalized, the filing itself marks a notable milestone for the project, which has gained attention in crypto trading circles.

The move drew commentary from industry voices, including venture capitalist and StockTwits co-founder Howard Lindzon, who posted on X: “Degeneracy for all as it should be...priced in real time.”

He contrasted the enthusiasm for early-stage blockchain bets with the more measured opportunities found in public markets.

SEC stalls on other altcoin proposals

While Bitwise is moving forward, the SEC remains cautious on broader altcoin ETFs. The agency recently delayed rulings on multiple proposals, including Canary’s spot SUI and PENGU funds, as well as its staked INJ and SEI products.

Separately, spot Avalanche ETFs from both Grayscale and VanEck were also pushed back, extending the timeline for potential approval.

At present, dozens of crypto-related ETF applications are waiting in line, reflecting growing demand from asset managers to bring digital assets into traditional financial products.

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