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Bitwise has filed with the SEC to launch a Hyperliquid ETF, the first proposal targeting HYPE.
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Hyperliquid is a Layer 1 blockchain built for DeFi, focused on perpetual futures trading.
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SEC delays several other ETF proposals, including SUI, PENGU, INJ, SEI, and Avalanche.
Bitwise Targets Hyperliquid
Bitwise Investment Advisers has filed an S-1 with the SEC to create an ETF tracking Hyperliquid’s token, HYPE. The blockchain is built for decentralized finance and is best known for perpetual futures trading.
Market Context
HYPE is currently valued at around $11 billion, making it the 21st-largest cryptocurrency. The filing marks the first time an ETF proposal has been tied directly to Hyperliquid, highlighting the growing institutional interest in newer Layer 1 networks.
Regulatory Delays on Other Funds
At the same time, the SEC pushed back decisions on a range of other ETF proposals, including spot funds for SUI and PENGU, staked funds for INJ and SEI, and Avalanche proposals from Grayscale and VanEck. The delays reflect the heavy queue of crypto-related filings the agency is still working through.
