Breaking: Bitwise Withdraws Bitcoin & Ethereum ETF amid Focus on HYPE
Highlights
- Bitwise files with the US SEC to withdraw Bitcoin & Ethereum ETF.
- Falling inflows into its BITB and ETHW funds and rising competition in the ETF industry is likely the reason.
- HYPE becomes the 4th largest holding after Bitwise purchased 77,097 HYPE tokens today.
Crypto asset manager Bitwise has filed with the US Securities and Exchange Commission to formally withdraw its S-1 registration statement for a proposed Bitcoin & Ethereum ETF. Amid the withdrawal, the asset manager has purchased another 77,097 HYPE tokens amid growing Wall Street interest in Hyperliquid.
Bitwise Removes Bitcoin and Ethereum ETF Filing with US SEC
According to a Form RW filing submitted to the US SEC, Bitwise has dropped its plans to launch a Bitcoin & Ethereum ETF. The fund aimed to provide exposure to the value of BTC and ETH held by the trust.
Bitwise stated that the registration sought to register shares for a transaction that “was ultimately not effectuated,” with no shares sold or to be sold under the statement.
“Pursuant to Rule 477 of Regulation C under the Securities Act of 1933, as amended (the “1933 Act”), on behalf of Bitwise Bitcoin & Ethereum ETF, the Company submits this application for withdrawal of the Registration Statement on Form S-1 filed on November 26, 2024, and the Amendment to the Registration Statement on Form S-1 filed on June 26, 2025,” as per the filing.
Notably, Bitwise already offered regulated exposure to BTC and ETH through its Bitwise Bitcoin ETF (BITB) and Bitwise Ethereum ETF (ETHW). Net AUM has reached $2.45 billion for BITB and only $198.06 million for ETHW.
With rising competition in the crypto ETF industry, such as Morgan Stanley Bitcoin ETF (MSBT) launch, also likely led to a change in decision.
Strong Interest in Hyperliquid (HYPE)
The Bitwise Bitcoin and Ethereum ETF’s withdrawal comes as the company intensifies its focus on Hyperliquid (HYPE). The firm today purchased 77,097 HYPE tokens worth $5.18 million through FalconX, according to Arkham data.
HYPE has become the 4th largest holding after BTC, SOL, and ETH. Currently, the wallet holds 428490 HYPE worth $31.59 million.
Recently, Bitwise launched Hyperliquid ETF on NYSE Arca under the ticker BHYP. The Hyperliquid ETF grabbed strong investor interest amid broader market volatility. While Bitcoin and Ethereum ETFs experienced outflows, Hyperliquid ETFs have recorded $171.81 million in net inflows.
Bitwise Hyperliquid ETF saw $15.5 million in inflows on Monday. HYPE price has rallied almost 20% to $73.70 over the past week.
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