Bitwise files prospectus for Hyperliquid ETF as SEC delays several altcoin proposals

Crypto asset manager Bitwise Investment Advisers has filed a proposal for an exchange-traded fund tracking the performance of Hyperliquid's native token.

An S-1 filing with the U.S. Securities and Exchange Commission shows that the Bitwise Hyperliquid ETF is the first such proposal to seek exposure to HYPE. Hyperliquid functions as a Layer 1 blockchain specifically built for decentralized finance applications, with a primary focus on perpetual futures trading.

HYPE was down 11.% to $40.51 over the last 24 hours, according to The Block's price data. The token has a circulating supply of 270.8 million tokens and has a market capitalization of $11 billion, which makes it the 21st-largest cryptocurrency.

"Degeneracy for all as it should be...priced in real time," VC and StockTwits cofounder Howard Lindzon said in a post on X in reaction to the filing. "The web 2.0 era was so [unique] and [the] best time ever to be a seed asnd earky venture investor Now everyone wants to be early (be in next $uber) and locking up their capital at stupid proces when the public markets are the best place to focus."

Meanwhile, the SEC delayed action on several altcoin ETF proposals. These include Canary's spot SUI and PENGU funds, along with its staked INJ and SEI funds, as well as spot Avalanche proposals from Grayscale and VanEck. There are dozens of crypto-related ETF filings waiting for approval.

Earlier today, Hashdex expanded its crypto ETF to include XRP and Solana after the SEC recently greenlighted broader listing standards.