Overview

• Bitwise submitted an S-1 to register a physically backed trust that would hold HYPE, which reporting describes as the first ETF tied to a perpetual DEX token.
• The proposal outlines in-kind creations and redemptions and names Coinbase Custody Trust Company as the expected custodian.
• Bitwise has not disclosed the listing exchange, ticker, or fees, and the fund will not use derivatives or leverage.
• A 19b-4 filing is still required to begin the SEC’s formal process, which can extend up to 240 days, and the absence of CFTC-registered HYPE futures means the faster listing pathway does not apply.
• Market reaction was muted to negative, with HYPE near $42 after a roughly 25% weekly slide, as rivals such as Aster reportedly surpassed Hyperliquid’s 24-hour trading volume.