Bitwise has filed an amended application for its spot Hyperliquid ETF, featuring a 0.67% management fee and the ticker BHYP. The ETF aims to enhance token utility by incorporating staking rewards. Hyperliquid's decentralized exchange (DEX) and Layer 1 platform have collectively generated $824 million in revenue. Meanwhile, futures open interest for the HYPE token has decreased by 50%, reaching $1 billion by December 2025.