Key facts
- Bitwise has withdrawn its S-1 registration statement for a proposed Bitcoin & Ethereum ETF.
- The company cited that no shares were sold or would be sold under the registration statement.
- Bitwise has purchased an additional 77,097 HYPE tokens, valued at $5.18 million.
- HYPE is now the fourth-largest holding in the firm's wallet.
- Bitwise recently launched a Hyperliquid ETF (BHYP) which has attracted significant investor interest.
Crypto asset manager Bitwise has formally withdrawn its S-1 registration statement with the US Securities and Exchange Commission (SEC) for a proposed Bitcoin & Ethereum ETF. The filing indicated that the registration sought to register shares for a transaction that was ultimately not effectuated, with no shares sold or to be sold.
Bitwise already provides regulated exposure to Bitcoin and Ethereum through its existing Bitwise Bitcoin ETF (BITB), which has $2.45 billion in net assets under management (AUM), and its Bitwise Ethereum ETF (ETHW), with $198.06 million in AUM. The decision to withdraw the combined ETF may be influenced by increasing competition in the crypto ETF market, including the recent launch of the Morgan Stanley Bitcoin ETF (MSBT).
Concurrently, Bitwise is intensifying its focus on the Hyperliquid (HYPE) token. The firm recently purchased 77,097 HYPE tokens, valued at $5.18 million, through FalconX, according to Arkham data. This acquisition makes HYPE the fourth-largest holding in Bitwise's wallet, with a total of 428,490 HYPE tokens worth $31.59 million.
This strategic shift aligns with the recent launch of the Bitwise Hyperliquid ETF (BHYP) on NYSE Arca. The new ETF has garnered significant investor interest, recording $171.81 million in net inflows, with $15.5 million in inflows on Monday alone. This contrasts with outflows experienced by some Bitcoin and Ethereum ETFs. The HYPE token itself has seen a price rally of nearly 20% over the past week, reaching $73.70.