Asset Manager Bitwise has filed to launch funds traded on exchanges that hold and track tokens tied to Crypto Perpetual Futures Protocol and Blockchain Hyperliquid.
The company is bidding to launch Bitwise high lipid ETFs, according to regulatory filings Thursday. It directly retains high lipids (hype). This is used to offer discounted exchanges (DEX) discounts and pay for blockchain fees.
The filing has not yet identified the exchange on which the product trades, the ticker it trades, or the exchange on which the fee charges for each bit.
Bitwise’s filing has intensified after Dexs intensified after Aster launched its token earlier this month, resulting in a surge in trade volume and open interest beyond the high synovial fluid that long held the top spot in Onchain futures trading.
High liquid ETFs offer physical redemption
Bitwise’s filing states that its hype ETF holds the token directly and “trys to provide exposure to the high lipid value that trust holds.”
The product also provides physical creation and redemption, allowing fund shares to be exchanged for hype tokens rather than cash.
The Securities and Exchange Commission granted the creation and redemption of cryptographic products in July.
Submitting is the first step before starting
Bitwise filing is Form S-1, which registers ETFs with the SEC under the Securities Act of 1933, the so-called “33 Act,” allowing the product to directly retain cryptographic tokens.
Additionally, the ETF requires Form 19b-4 to kickstart the approval process at the agency, which can take up to 240 days to be approved.
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Earlier this month, the SEC approved the general listing criteria for Crypto ETFs to eliminate the need to evaluate each product and speed up approval.
However, Bitwise pointed out in its submission that “there is currently no high lipid futures contracts registered with the CFTC.”
Aster open interest surges, trypter high lipid volume
Aster, a permanent future Dex native to BNB chains, has seen a surge in trading volumes recently, far surpassing many of its rivals.
The exchange was a key driver of persistent trading volumes at DEXS, reaching an all-time high of $70 billion on Thursday. The volume over the last 24 hours has exceeded $35.8 billion, more than tripled the $10 billion of hypercells over the same period per Defillama.
Coinglass has shown open interest in Aster (Aster) tokens, unresolved contracts, reaching $115 billion from under $143 million on Saturday, September 20th.
Meanwhile, the open interest in The Hype Token fell 1.85% to $2.2 billion over the past day, with token prices falling 3.5% per Coinglass.
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