Quick Take

Bitwise filed a second amendment to its proposed spot Hyperliquid ETF on Friday, expanding the list of approved trading counterparties and locking in remaining operational details ahead of an expected U.S. launch.

The April 10 filing names FalconX, Flowdesk, Nonco and Wintermute as approved Hyperliquid trading counterparties. Bitwise's December amendment, which revealed the fund's BHYP ticker and 0.67% annual management fee, had listed three: A1, Nonco and Solios — the latter now disclosed as a d/b/a of FalconX.

Flowdesk and Wintermute are new to the roster, while A1, an affiliate of custodian Anchorage Digital, has dropped off. Anchorage Digital Bank remains custodian of the trust's HYPE holdings, and CF Benchmarks will provide the daily 4 p.m. ET pricing reference rate.

Bloomberg Intelligence senior ETF analyst Eric Balchunas noted on X that Bitwise's disclosure of the ticker and fee means the fund could launch imminently, though the firm's December amendment originally revealed those details. 

The U.S. update lands a day after Bitwise Europe listed its fully-backed Bitwise Hyperliquid Staking ETP on Deutsche Börse Xetra on April 9, also under the BHYP ticker. The European product tracks the Kaiko HYPE Reference Rate.

Bitwise was the first issuer to seek U.S. approval for a spot HYPE product when it filed its original S-1 in September. Rival proposals from 21Shares and Grayscale have followed, but Bitwise has remained the furthest along procedurally. HYPE has gained roughly 200% over the past 12 months as trading activity on Hyperliquid's on-chain perpetuals venue has continued to expand.

The trust intends to stake substantially all of its HYPE outside a 30% liquidity reserve, with staking rewards subject to a 15% fee shared between Bitwise and staking agents. Bitwise affiliate Attestant is flagged in the filing as a potential staking operator.

HYPE is trading flat over the past day, up about 0.67% to trade at $42.48 at time of publication, per The Block's Hyperliquid Price page.