Bitwise Asset Management is moving to launch the first US exchange-traded fund tied to a decentralized trading network. The firm has filed an amended registration statement with the Securities and Exchange Commission for a product linked to the Hyperliquid network, signaling an imminent market debut.
While the specific funding amount or valuation for the underlying network was not disclosed in the source, the filing itself represents a critical regulatory step. The document outlines operational details for the proposed trust, which would trade under the ticker BHYP. This action follows the firm's established pattern of bringing novel crypto-native structures to traditional markets.
The move targets a growing segment of investors seeking exposure to decentralized finance infrastructure beyond simple token holdings. Hyperliquid operates as an autonomous trading network, and an ETF wrapper could provide a regulated on-ramp for institutional capital. It represents a deeper integration of DeFi mechanics into mainstream financial products, following the earlier wave of spot Bitcoin ETFs.
If approved, the product would test regulatory comfort with funds tracking assets tied to decentralized autonomous networks rather than single cryptocurrencies. Success could pave the way for a new category of ETFs linked to blockchain protocols and their native economies. Observers will watch for SEC commentary on the structure's compliance with existing rules for registered investment companies.
A counter-argument exists that regulatory hurdles remain significant, as the SEC has historically been cautious about products tied to novel and less-established crypto ecosystems. The approval timeline and final structure are still uncertain.