The First HYPE ETF Is About to Launch — Four Issuers Are Racing to Get There First
Bitwise filed its second S-1 amendment for the BHYP ETF on April 10. Bloomberg analyst Eric Balchunas says launch is imminent. Grayscale, 21Shares, and VanEck are right behind.
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Launch Free Terminal →The HYPE ETF Race Is On
Bitwise filed a second amendment to its S-1 registration for a spot Hyperliquid ETF on April 10, 2026. The proposed fund will trade on NYSE Arca under the ticker BHYP with a 0.67% annual management fee. Anchorage Digital Bank will serve as custodian.
Bloomberg senior ETF analyst Eric Balchunas posted on X that this type of amendment — adding a ticker and confirming fees — typically signals an imminent launch. His exact words: Bitwise is "trying to strike while the iron is hot."
Four Asset Managers, One Token
Bitwise is not alone. The HYPE ETF race now includes four major players:
Bitwise filed its original S-1 in September 2025. The April 10 amendment is the second update, confirming the BHYP ticker and 0.67% fee structure.
Grayscale filed for the Grayscale HYPE ETF (GHYP) on March 21, 2026, proposing listing on Nasdaq with Coinbase Custody.
21Shares filed an S-1 on October 29, 2025, though no finalized ticker has been announced.
VanEck has confirmed plans for a HYPE spot staking ETF (VHYP), referenced alongside its European ETP announcements.
No filings from BlackRock or Fidelity have been made public.
Europe Already Has It
One day before the U.S. filing update, Bitwise Europe launched the Bitwise Hyperliquid Staking ETP on Deutsche Börse Xetra — also under the BHYP ticker. The European product carries a 0.85% total expense ratio, holds HYPE in cold storage, and tracks the Kaiko HYPE Reference Rate.
Why HYPE, Why Now
HYPE has surged over 200% in the past 12 months while most altcoins remain deeply in the red. The token has fundamentals that most crypto assets lack:
Hyperliquid generated approximately $833 million in annualized protocol revenue. 97% of all fees flow into a buyback-and-burn mechanism that permanently removes HYPE from circulation. Over 43 million tokens have been burned to date, worth approximately $1.8 billion.
The platform handles more perpetual futures volume than all other DEXs combined. March 2026 volume exceeded $200 billion. The recent HIP-3 upgrade introduced permissionless markets for commodities, equities, and traditional assets — with oil futures alone hitting $1.7 billion in daily volume during the Iran conflict.
HIP-4 Prediction Markets Coming Next Week
Adding to the momentum, Hyperliquid developers are about to launch HIP-4, which introduces on-chain prediction markets. This would allow users to trade on politics, sports, financial events, and culture — directly competing with Polymarket on a faster, more liquid infrastructure.
What This Means for Traders
A U.S. spot HYPE ETF would give institutional investors direct exposure to arguably the most productive DeFi protocol in existence. Every dollar of ETF inflow translates to HYPE buying pressure on an already supply-constrained token.
Combined with Arthur Hayes accumulating 247,334 HYPE ($10.4M), $60M in June call options appearing on Derive, and the ongoing buyback mechanism consuming $1.75M per day, the supply-demand dynamics heading into an ETF launch are extremely favorable.
Track HYPE buyback data, burn rate, and fee revenue in real-time at buildix.trade/hype-burns. Monitor HYPE orderflow and whale positioning across all exchanges at buildix.trade.