Bitwise Investment Advisers has filed an application to create a new exchange-traded fund (ETF) linked to Hyperliquid's HYPE token, despite the US Securities and Exchange Commission (SEC) delaying decisions on a number of other altcoin funds.
The proposed Bitwise Hyperliquid ETF, detailed in an S-1 filing, would be the first to offer exposure to the HYPE token, the native asset of a layer 1 blockchain focused on perpetual futures trading.
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This move toward a specialized ETF contrasts with the SEC's cautious stance on broader altcoin proposals.
The regulator has postponed decisions on spot funds for assets such as Avalanche (AVAX), Sui (SUI), and Pengu (PENGU) from applicants such as Grayscale, VanEck, and Canary.