Crypto asset manager Bitwise has taken another step toward launching a new exchange traded fund linked to the Hyperliquid network by amending its registration filing to finalize key commercial details. The updated submission outlines a confirmed ticker symbol and management fee, developments that typically appear late in the ETF approval process. The proposed fund is expected to trade on a major U.S. exchange under a dedicated ticker and apply an annual fee structure consistent with actively managed digital asset products. By locking in these elements, Bitwise is signaling operational readiness and intent to proceed as soon as regulatory clearance allows. The move reflects growing confidence among issuers that market infrastructure and demand are sufficiently developed to support ETFs tied to newer blockchain networks beyond the largest established assets.
The ETF is structured to track the value of the native token of the Hyperliquid network while accounting for operating expenses, with additional returns potentially generated through staking mechanisms. Custody arrangements have been specified with a regulated digital asset bank, reinforcing the institutional orientation of the product. Hyperliquid operates as a layer one blockchain designed for decentralized derivatives trading, an area that has seen increased onchain activity as traders seek alternatives to centralized venues. The filing places Bitwise ahead of competing proposals that have yet to disclose similar economic details, highlighting intensifying competition among asset managers to secure first mover advantage in emerging segments of the crypto ETF landscape.
From a market structure perspective, the amendment illustrates how ETF issuance is expanding from broad exposure products into more specialized network level strategies. Asset managers appear increasingly willing to bring products tied to functional blockchain ecosystems that support active financial use cases rather than passive store of value narratives. This trend suggests a maturation of investor appetite, where access to protocol specific activity and yield dynamics is becoming part of regulated market offerings. As regulatory processes evolve, filings like this indicate that digital asset ETFs are entering a new phase characterized by diversification, differentiated fee structures, and closer alignment with onchain financial infrastructure rather than simple price tracking.
