Key Insights:
- Bitwise files new ETF proposal based on Hyperliquid, focusing on infrastructure over speculation.
- HYPE is presented as an essential trading system, not just a volatile crypto asset.
- Filing reflects a shift toward regulated, functional blockchain tools in mainstream finance.
- Bitwise targets traditional investors by offering on-chain exposure through familiar ETF structure.
Bitwise has taken a new step toward bringing crypto markets closer to traditional investors. The firm has submitted a proposal to introduce an exchange-traded fund (ETF) based on Hyperliquid ($HYPE).
This move comes as the company positions Hyperliquid as a market infrastructure tool rather than a speculative digital asset. The proposal was filed amid growing institutional interest in regulated digital asset exposure.
Hyperliquid Framed as Market Infrastructure
Bitwise’s approach sets Hyperliquid apart from many other crypto projects. The company describes it not as a token but as an essential part of digital trading infrastructure.
The firm aims to show that Hyperliquid supports the core structure of on-chain markets. “We believe Hyperliquid plays a foundational role in market operations,” said a representative, without providing further comment.
🚨 TODAY: 🇺🇸 BITWISE ADVANCES HYPERLIQUID ( $HYPE ) ETF PROPOSAL
There's a quiet shift in how crypto networks are being packaged for traditional investors, and @HyperliquidX is part of this transition.
👉 The firm is framing Hyperliquid as essential market infrastructure,… pic.twitter.com/6fEhmO7vg6
— CryptosRus (@CryptosR_Us) December 15, 2025
By highlighting Hyperliquid’s utility in powering decentralized exchange activities, Bitwise avoids focusing on token volatility. This could make the ETF more acceptable to regulators and institutions.
A Quiet Shift Toward Regulatory Alignment
This proposal may reflect a broader shift in how crypto is introduced to public markets. Bitwise is focusing more on systems and infrastructure than on the tokens themselves.
Such moves suggest that firms are preparing for tighter oversight while maintaining market access. The company’s framing strategy shows that it is ready to meet these changing standards. Bitwise’s move indicates that it sees a path forward in listing crypto-related products that avoid some of the common barriers.
Market Readiness and ETF Strategy
The ETF proposal shows Bitwise’s intent to stay active in the regulated crypto market space. It also signals that the firm considers Hyperliquid mature enough for structured financial products.
While the SEC has not yet approved the filing, Bitwise’s submission shows that it believes the platform is ready for wider financial use. Analysts suggest that this type of positioning may help crypto projects enter traditional finance more easily. The focus on infrastructure rather than price gains could become a growing trend.
