Crypto asset management company Bitwise filed with the US Securities and Exchange Commission hyperliquidfiled an updated application for a new exchange-traded fund (ETF) indexed to ‘s HYPE token. Bitwise is known for its portfolios focused on cryptocurrencies and has recently stood out with its ETF products.
Target for direct access to HYPE price for investors
In the application, it is stated that the fund will directly hold the HYPE token and will be traded on NYSE Arca under the code BHYP. With this product, investors will have direct access to HYPE price movements without having to open a crypto exchange or wallet account.
The fund makes it possible for investors to access the crypto market using traditional financial infrastructure. This feature is important for convenience for large institutional or individual investors.
According to the information in the file, the ETF will apply a management fee of 0.67% annually. Storage services will be provided by Anchorage Digital, which has a federal license.
Staking and competing applications stand out
Bitwise management plans to generate additional income by staking some of the fund’s HYPE tokens. Approximately 85% of annual staking rewards will be transferred to the fund, after deducting expenses. Thus, it is aimed to provide investors not only with a price increase but also with additional returns through staking rewards.
The HYPE price has risen nearly 200% in the last 12 months. This performance is due to the fact that the token has become one of the reference platforms in perpetual trading contracts.
Not only Bitwise, but other big names in the industry are also drawing attention with their HYPE-related ETF plans. Last month, Grayscale filed for a product to list on Nasdaq under the ticker symbol GHYP. Additionally, 21Shares and VanEck are also working on similar ETF products.
Both the liquidity offered by the decentralized exchange infrastructure and the volume it achieved in continuous contract transactions were effective in the rise of HYPE.
Bitwise’s move aims to differentiate itself from classical ETFs with its staking feature, while making it easier for institutional investors to access different crypto assets.
The increase in the trading volume of HYPE in the market and the sharp rise in its price triggered interest in ETF applications.
Due to the differences it offers in investment products, the approval process of BHYP ETF and its potential impact on the market will be closely monitored in the coming period.
