- Bitwise has filed an S-1 for an ETF that would track HYPE.
- It would be the first ETF tied to a perp DEX token.
- Approval could send Hyperliquid to new all-time highs.
The $15 billion asset manager Bitwise appears to be positioning itself for the next chapter in digital finance.
The firm submitted an S-1 registration with the U.S. Securities and Exchange Commission (SEC) for an exchange-traded fund (ETF) designed to track the native token of Hyperliquid, HYPE.
BITWISE FILED FOR A HYPERLIQUID ETF
ANY $HYPE BULLS STILL AROUND? pic.twitter.com/UdReTcfzAI
— 0xMarioNawfal (@RoundtableSpace) September 25, 2025
The S-1 filing gained attention because a HYPE ETF would be the first of its kind to offer regulated exposure to a perpetual decentralized exchange token.
That reflects the growing influence of DeFi and increasing pressure on Wall Street to broaden crypto offerings beyond the largest names like Bitcoin and Ethereum.
Understanding Hyperliquid
Hyperliquid is a decentralized platform built specifically for DeFi trading.
Unlike general-purpose blockchains that serve many use cases, Hyperliquid focuses on perpetual futures (perps) — a derivatives product that has attracted significant interest in crypto markets.
Perpetuals let traders speculate on the future price of assets without an expiry date, which has made them popular with institutions and experienced traders seeking higher liquidity and flexibility.
Crucially, Hyperliquid operates on high-frequency infrastructure that handles market activity quickly and efficiently.
That technical edge has allowed the DEX to carve out a specialized niche in the blockchain ecosystem.
Bitwise’s HYPE ETF application signals confidence in the broader crypto technology stack and in Hyperliquid’s role within the future of decentralized finance (DeFi).
If approved, an ETF would mark a turning point for U.S. investors and for the exchange itself.
Institutional participation could fuel a surge in Hyperliquid’s token price, as some industry figures have predicted.
Pension funds, retail brokerage accounts and hedge funds would gain regulated exposure to HYPE through a familiar product: the ETF.
U.S. investors would receive a seamless route into a high-frequency decentralized asset — an option that can reduce barriers for non-crypto-native participants.
Everyday investors could purchase HYPE exposure through brokerage apps without navigating wallets and decentralized exchanges.
Challenges
Despite the optimism surrounding the filing, approval is far from guaranteed.
The SEC has taken a cautious stance on crypto ETFs, frequently citing concerns such as investor protection, liquidity and the potential for market manipulation.
Bitwise’s filing arrives at a time when the regulator has delayed decisions on several altcoin ETF applications, including spot funds for Pengu, Avalanche and Sei.
🚨 JUST IN: The SEC has postponed decisions on the Canary Spot Pengu, Grayscale Spot Avalanche, and Canary Spot Staked Sei ETFs. pic.twitter.com/pY828lU62o
— Crypto Briefing (@Crypto_Briefing) September 25, 2025
Regulators will have to weigh investor safety against innovation, and it remains uncertain whether the SEC will endorse an ETF tied to a token whose primary utility is associated with high-risk perpetual trading.
HYPE Price Action
In recent days the altcoin slipped 0.2%, trading around $42.43.
HYPE has pulled back from its mid-September all-time high near $58.
The current outlook mirrors broader market weakness: cryptocurrencies extended losses after U.S. GDP data was revised, triggering liquidations across the market.
Bitcoin is trading below $110,000 as digital assets follow their typical historical weakness in September.