Bitwise has made significant strides in the crypto market by filing an amendment to its ETF filing. The company has added the BHYP ticker and 0.67% fees to its submission with the SEC, indicating a strong push into the market. This move is seen as opportunistic, given Hyperliquid's recent surge in popularity.
The future Bitwise ETF will not only track the spot price of Hyperliquid but also offer staking capabilities for additional yield. This nuance sets it apart from other products that simply repackage hot assets. The fund will be listed on NYSE Arca with Anchorage Digital as custodian, and CF Benchmarks will provide the daily reference.
Hyperliquid's recent growth has caught the attention of investors, with $492.7 billion processed in Q1. This figure brings it close to the world's top 10 derivative platforms, marking a significant shift in the crypto industry. Bitwise is betting on Hyperliquid's continued success and its ability to attract institutional investors.