Catenaa, Monday, September 29, 2025- Bitwise Investment Advisers has filed a prospectus for an exchange-traded fund tied to Hyperliquid’s HYPE token, even as regulators delayed several altcoin proposals.
The filing, submitted to the Securities and Exchange Commission this week, represents the first ETF proposal for Hyperliquid, a blockchain designed for decentralized finance with a focus on perpetual futures trading.
According to market data, HYPE dropped 11 percent in the past 24 hours to $40.51.
With a circulating supply of 270.8 million tokens, its market value stands near $11 billion, ranking it the 21st largest cryptocurrency.
While Bitwise moved forward with the Hyperliquid proposal, the SEC postponed decisions on multiple other applications.
These included Canary’s spot funds for SUI and PENGU, its staked INJ and SEI products, and Avalanche-related proposals from Grayscale and VanEck. The regulator’s delays highlight the crowded queue of digital asset filings still awaiting review.
Separately, Hashdex expanded its crypto ETF earlier Thursday to add exposure to XRP and Solana, following the SEC’s approval of broader listing standards for crypto-linked products.
The move demonstrated that despite caution on newer applications, regulators are opening doors for broader crypto representation in traditional markets.
