Summary
- Bitwise has filed an application with the U.S. Securities and Exchange Commission (SEC) for approval of a Hyperliquid (HYPE) spot ETF.
- The ETF is designed to allow institutional investors to invest without directly managing tokens, and it is structured to hold actual HYPE as the underlying asset.
- The news reportedly caused the HYPE price to rise by 4%.
Cryptocurrency asset manager Bitwise has filed an application with the U.S. Securities and Exchange Commission (SEC) for approval of a 'Hyperliquid (HYPE) spot exchange-traded fund (ETF)'.
According to BlockNews on the 25th (local time), this ETF is designed to allow institutional investors to invest without directly managing tokens through regulated brokerage accounts. The trust structure is the same as existing Bitcoin spot ETFs. Authorized participants issue and redeem shares in large block units, and the value is linked to HYPE's daily net asset value (NAV).
Unlike futures-based products, it does not include derivatives or leverage, and it is a spot ETF structure that holds actual HYPE as the underlying asset. The product will be custodied by Coinbase Custody, and Bitwise Investment Advisors will act as the sponsor.
The market reacted immediately upon the news. HYPE's price recorded a 4% gain from the previous day to 42.50 dollars, according to CoinMarketCap.
Doohyun Hwang
cow5361@bloomingbit.ioKEEP CALM AND HODL🍀
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