Bitcoin ETF: Bitwise Files S-1 for HYPE

Bitwise Files S-1 for Spot HYPE ETF with SEC

• Bitwise Asset Management has filed an S-1 registration with the Securities and Exchange Commission to launch a spot ETF holding the HYPE token from Hyperliquid.
• The proposed ETF aims to provide exposure to HYPE via traditional brokerage accounts, using Coinbase Custody Trust Company as custodian.
• The trust will reflect the token’s value through a daily net asset value benchmark without using derivatives or leverage.
• Shares will be created and redeemed in large blocks by authorized participants, similar to spot Bitcoin ETFs.
• HYPE token saw a price increase of 4%, trading at $42.5 following the announcement.

Bitwise’s filing for a spot ETF aims to offer traditional investors access to the HYPE token, leveraging Coinbase Custody for security. The news led to a 4% rise in HYPE’s price, now at $42.5.