Bitwise Says Bye to Bitcoin-Ether ETF, HYPE-Ly Pivots to 77,097 New Tokens 🚀

Bitwise has filed with the US Securities and Exchange Commission to withdraw its S-1 registration statement for a proposed Bitcoin & Ethereum ETF, according to a Form RW submission. The filing covers the original 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. The asset manager stated 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. Bitwise submitted the application for withdrawal "on behalf of Bitwise Bitcoin & Ethereum ETF" pursuant to Rule 477 of Regulation C under the Securities Act of 1933, as amended.

The withdrawn fund had aimed to provide exposure to the value of $BTC and $ETH held by the trust. According to reporting from CoinGape, the move follows falling inflows into Bitwise's existing BITB and ETHW funds and rising competition in the broader ETF industry.

In a separate development, Bitwise purchased 77,097 HYPE tokens today, making HYPE the fourth-largest holding in the firm's portfolio. The acquisition comes amid growing Wall Street interest in Hyperliquid, the decentralized exchange associated with the HYPE token. HYPE now ranks as Bitwise's 4th largest holding, according to the report.

Bitwise has not issued a public statement beyond the SEC filings regarding the strategic rationale for the withdrawal or the increased HYPE allocation. The S-1 withdrawal under Rule 477 allows issuers to formally retract registration statements for securities that were never sold to the public.