- Bitwise adds FalconX, Flowdesk, Nonco, and Wintermute as counterparties, finalizing key ETF structure details.
- ETF will include staking with a 0.67% fee, offering yield alongside HYPE price exposure for investors.
- Filing signals nearing launch as competition grows from 21Shares and Grayscale in crypto ETF market.
Bitwise filed a second amendment on April 10 for its proposed spot Hyperliquid ETF, adding counterparties and finalizing key details. The update names FalconX, Flowdesk, Nonco, and Wintermute as trading partners. The filing advances the product toward a potential U.S. launch, as competition intensifies among issuers seeking approval.
Filing Adds Counterparties and Pricing Structure
The latest amendment expands the list of approved trading counterparties. FalconX, Flowdesk, Nonco, and Wintermute now support trading operations tied to the fund. Previously listed entities included A1, Nonco, and Solios, with Solios now identified as part of FalconX.
Anchorage Digital Bank remains custodian of the trust’s HYPE holdings. Meanwhile, CF Benchmarks will provide the daily pricing reference rate at 4 p.m. ET. These updates complete core operational components required before launch.
Structure Includes Staking and Fee Model
Bitwise confirmed the ETF will trade under the ticker BHYP with a 0.67% management fee. The trust plans to stake most of its HYPE holdings while keeping a 30% liquidity reserve. Staking rewards will carry a 15% fee shared between Bitwise and service providers.
Attestant, a Bitwise affiliate, may act as a staking operator. This structure introduces yield generation alongside price exposure. However, it also adds complexity compared to standard spot crypto ETFs.
Competition Builds as Launch Nears
According to Bloomberg analyst Eric Balchunas, the inclusion of final details often indicates an imminent launch. He noted that Hyperliquid’s HYPE token has gained about 200% over the past year. This growth aligns with increased activity on its on-chain perpetuals platform.Bitwise was the first firm to file for a spot Hyperliquid ETF in September. Since then, 21Shares and Grayscale have submitted competing proposals. Additionally, Bitwise Europe listed a related product on Deutsche Börse Xetra on April 9.