Overview

• Bitwise submitted an S-1 to the SEC for a physically backed trust holding HYPE, with Coinbase Custody as expected custodian and Bitwise Investment Advisers as sponsor.
• The fund mirrors spot Bitcoin ETF mechanics with no derivatives or leverage and authorized participants tasked with creating and redeeming large share blocks.
• Coverage notes the product would be the first U.S. ETF linked to a perpetual decentralized exchange token if it secures approval.
• The approval path remains uncertain as the SEC has recently delayed several altcoin ETF decisions, and the launch would also require a 19b-4 filing that can run up to 240 days.
• Blockonomi reports the filing contemplates in-kind creations and redemptions, and press accounts differed on HYPE’s short-term price reaction after the news.