Bitwise Locks In Hyperliquid Spot ETF Framework, Adds New Trading Counterparties and Staking Fee

Bitwise has filed a second amended registration on April 10 for its proposed U.S. spot Hyperliquid ETF, naming additional trading counterparties and setting out final structural terms as the race to launch new crypto ETFs heats up. The amendment adds FalconX, Flowdesk, Nonco and Wintermute as approved trading partners for fund-related activity. Earlier disclosures listed A1, Nonco and Solios; the latest filing says Solios is part of FalconX. Anchorage Digital Bank remains the custodian for the trust's HYPE holdings, and CF Benchmarks will publish the daily reference rate at 4 p.m. ET. Bitwise said the fund is expected to trade under the ticker BHYP and will charge a 0.67% management fee. The trust intends to stake most of its HYPE while maintaining a 30% liquidity reserve. Staking rewards will be subject to a 15% fee split between Bitwise and service providers, with Attestant, a Bitwise affiliate, potentially serving as a staking operator. The staking component is designed to add yield on top of HYPE price exposure, though it introduces added operational complexity versus standard spot crypto ETFs. Bloomberg ETF analyst Eric Balchunas said filings that fill in late-stage operational details often point to a launch drawing closer. He also noted that Hyperliquid's HYPE token is up about 200% over the past year, alongside growing activity on the project's onchain perpetuals platform. Bitwise was the first to file for a spot Hyperliquid ETF in September. Since then, 21Shares and Grayscale have submitted competing proposals. Separately, Bitwise Europe listed a related product on Deutsche Börse Xetra on April 9.