- Bitwise has filed an S-1 for an ETF tracking HYPE.
- It would be the first ETF linked to a perpetual DEX token.
- Approval could send Hyperliquid to new highs.
The $15 billion asset manager Bitwise appears to be preparing for the next chapter of digital finance.
The firm has submitted an S-1 registration with the U.S. Securities and Exchange Commission for an exchange-traded fund (ETF) designed to track Hyperliquid’s native token, 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, offering regulated market access to a decentralized exchange perpetual token.
This move highlights DeFi’s growing influence and increases pressure on Wall Street to expand regulated crypto offerings beyond the major names like Bitcoin and Ethereum.
Understanding Hyperliquid
Hyperliquid is a decentralized platform built with a clear focus on DeFi institutions and traders.
Where many blockchains support multiple use cases, Hyperliquid concentrates on perpetual futures (perps), a type of derivative that has drawn notable interest across crypto markets.
Perpetual futures allow traders to speculate on future asset prices without expiry dates, providing flexibility and continuous exposure.
That structure has made perps attractive to institutions and sophisticated traders seeking deeper liquidity and leverage options.
Crucially, Hyperliquid offers high-frequency infrastructure designed to operate markets with speed and efficiency.
That technical edge has helped the DEX carve out a sought-after niche in the blockchain ecosystem.
Bitwise’s HYPE ETF filing signals confidence in both broader crypto technology and Hyperliquid’s role in the future of decentralized finance.
If approved, an ETF would be transformative for U.S. investors and for the DEX itself.
Institutional participants could flow into HYPE, and the token could reach valuation levels some market figures have forecast as institutional capital arrives.
Pension funds, retail brokerage accounts, and hedge funds would gain regulated exposure to HYPE through a familiar wrapper: the ETF.
U.S. investors would be able to access a high-frequency decentralized asset without the friction of self-custody, wallet setup, or navigating DEX interfaces.
Everyday investors could buy altcoin exposure via brokerage platforms without the technical barriers of interacting directly with decentralized protocols.
Future challenges
While the filing sparked optimism, approval is far from certain.
The U.S. SEC has taken a cautious stance toward crypto ETFs, repeatedly flagging concerns such as investor protection, liquidity, and market manipulation risks.
Bitwise’s application arrives amid a broader regulatory pause: the SEC has delayed decisions on several altcoin ETF filings, including proposals for Pengu, Avalanche, and Sei products.
🚨 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 likely scrutinize whether the SEC can endorse an ETF tied to an asset whose primary utility is linked to high-risk perpetual trading.
The agency is expected to weigh innovation against investor safeguards as it evaluates the filing.
HYPE price action
The altcoin fell about 0.2% over the last day, trading near $42.43 at the time of reporting.
HYPE remains below its mid-September all-time highs around $58, reflecting wider market pullbacks.
Its current outlook mirrors ongoing declines across the crypto sector after recent U.S. GDP data revisions that triggered broader sell-offs.
Bitcoin traded below $110,000 as cryptocurrencies continued to follow a bearish September trend.