Bitwise Asset Management has filed an S-1 registration statement with the Securities and Exchange Commission for a spot trust that will hold HYPE, the native token of perpetual DEX Hyperliquid. The vehicle is structured to reflect the token’s value through a daily net asset value benchmark.
The trust is designed to give investors exposure to HYPE via traditional brokerage accounts without directly managing the asset. Coinbase Custody Trust Company is expected to serve as custodian, while Bitwise Investment Advisers will act as sponsor.
According to the filing, shares will be created and redeemed in large blocks by authorized participants, mirroring the structure of spot Bitcoin ETFs. The trust will not use derivatives or leverage, focusing solely on physically backed holdings of HYPE. HYPE rose 4% on the news, trading at $42.5 as of press time.
