[{"data":1,"prerenderedAt":468},["ShallowReactive",2],{"tag-etf":3,"$fBHBO6HNlro4pzQmxfe-S66LCc8pxQsbg1fj0C2KqRXI":210},[4,136],{"id":5,"title":6,"author":7,"body":8,"category":119,"date":120,"description":121,"draft":122,"extension":123,"faq":124,"featured":122,"image":125,"meta":126,"modified":124,"navigation":127,"path":128,"seo":129,"source":130,"sourceUrl":131,"stem":132,"tags":133,"__hash__":135},"news\u002Fnews\u002F2026\u002F04\u002Fbitwise-files-second-amendment-to-hyperliquid-etf-adds-winte.md","Bitwise files second amendment to Hyperliquid ETF, adds Wintermute and Flowdesk as trading counterparties","Fintech.News Desk",{"type":9,"value":10,"toc":110},"minimark",[11,15,20,23,27,30,59,62,66,69,95,99,102,105],[12,13,14],"p",{},"Structure B — Deep Dive:",[16,17,19],"h2",{"id":18},"bitwises-hyperliquid-etf-amendment-strengthening-market-infrastructure","Bitwise's Hyperliquid ETF Amendment: Strengthening Market Infrastructure",[12,21,22],{},"Bitwise, a prominent player in the digital asset management space, has filed a second amendment to its proposed Hyperliquid Exchange Traded Fund (ETF). This amendment signals a significant step towards solidifying the ETF's operational framework by incorporating Wintermute and Flowdesk as designated trading counterparties. The move comes shortly after Bitwise Europe launched a physically-backed Hyperliquid staking Exchange Traded Product (ETP) on Deutsche Börse Xetra, suggesting a broader strategic push into Hyperliquid-related investment vehicles.",[16,24,26],{"id":25},"why-it-matters-mitigating-risk-and-enhancing-liquidity","Why It Matters: Mitigating Risk and Enhancing Liquidity",[12,28,29],{},"The addition of Wintermute and Flowdesk as trading counterparties is not a mere formality; it addresses critical operational and risk-management considerations inherent in launching a novel ETF focused on a relatively new decentralized trading platform like Hyperliquid. Here's why this is significant:",[31,32,33,41,47,53],"ul",{},[34,35,36,40],"li",{},[37,38,39],"strong",{},"Liquidity Provision:"," ETFs require robust liquidity to ensure efficient trading and minimize price discrepancies between the ETF's market price and its net asset value (NAV). Wintermute and Flowdesk, both established market makers in the digital asset space, bring significant expertise and capital to provide that liquidity. Their involvement should lead to tighter bid-ask spreads, reduced slippage for investors, and a more stable trading environment for the Hyperliquid ETF.",[34,42,43,46],{},[37,44,45],{},"Risk Mitigation:"," Having multiple trading counterparties diversifies execution risk. If one counterparty experiences operational issues or fails to meet its obligations, the ETF can rely on the other to continue trading and managing its positions. This is particularly important in the often-volatile cryptocurrency market, where unexpected disruptions can occur.",[34,48,49,52],{},[37,50,51],{},"Operational Efficiency:"," Market makers like Wintermute and Flowdesk employ sophisticated trading algorithms and infrastructure to facilitate efficient order execution and inventory management. Their involvement can streamline the ETF's operations, reducing transaction costs and improving overall performance.",[34,54,55,58],{},[37,56,57],{},"Institutional Confidence:"," The participation of reputable trading firms like Wintermute and Flowdesk lends credibility to the Hyperliquid ETF, potentially attracting institutional investors who demand high standards of operational due diligence and risk management. This is crucial for the long-term success and adoption of the ETF.",[12,60,61],{},"Without these counterparties, the fund would be far more vulnerable to market volatility and the inherent risks of trading on a decentralized platform. The SEC, in its ETF approval process, heavily scrutinizes these operational aspects to protect investors.",[16,63,65],{"id":64},"how-professionals-should-respond-due-diligence-and-opportunity-assessment","How Professionals Should Respond: Due Diligence and Opportunity Assessment",[12,67,68],{},"For finance professionals, the Bitwise amendment presents both opportunities and responsibilities:",[31,70,71,77,83,89],{},[34,72,73,76],{},[37,74,75],{},"Conduct Thorough Due Diligence:"," Before recommending or investing in the Hyperliquid ETF, advisors and analysts should conduct thorough due diligence on the fund's investment strategy, risk management procedures, and the track record of its trading counterparties. Understanding the nuances of Hyperliquid and the role of Wintermute and Flowdesk is paramount. Key questions to ask include: What are the specific liquidity commitments of each market maker? What risk management controls are in place to prevent market manipulation or front-running? What are the fees associated with using these trading counterparties?",[34,78,79,82],{},[37,80,81],{},"Assess the Risk-Reward Profile:"," Hyperliquid, as a relatively new and innovative platform, carries inherent risks. Professionals must carefully assess the risk-reward profile of the ETF and ensure that it aligns with their clients' investment objectives and risk tolerance. This includes considering the volatility of the underlying assets, the regulatory landscape, and the potential for technological disruptions. The novelty of Hyperliquid, compared to more established centralized exchanges, adds another layer of complexity.",[34,84,85,88],{},[37,86,87],{},"Explore Potential Investment Opportunities:"," The Hyperliquid ETF may offer unique investment opportunities for sophisticated investors seeking exposure to the decentralized finance (DeFi) space. However, professionals should carefully evaluate the ETF's potential benefits and risks before recommending it to clients. Consider the potential for diversification, the potential for alpha generation, and the tax implications of investing in a cryptocurrency-related ETF.",[34,90,91,94],{},[37,92,93],{},"Stay Informed:"," The cryptocurrency market is rapidly evolving, and regulatory developments can significantly impact the performance of digital asset ETFs. Professionals must stay informed about the latest news, trends, and regulatory changes to effectively advise their clients on cryptocurrency investments. Follow regulatory filings with the SEC and other relevant bodies.",[16,96,98],{"id":97},"the-bigger-picture-institutionalization-of-defi","The Bigger Picture: Institutionalization of DeFi",[12,100,101],{},"Bitwise's efforts to launch a Hyperliquid ETF, coupled with the involvement of established market makers like Wintermute and Flowdesk, represent a significant step towards the institutionalization of DeFi. This trend is driven by increasing demand from institutional investors for regulated and accessible investment products that provide exposure to the cryptocurrency market.",[12,103,104],{},"The SEC's evolving stance on cryptocurrency ETFs is also a key factor. While the agency has been cautious in approving spot Bitcoin ETFs, it has shown a willingness to consider ETFs based on more established cryptocurrency futures contracts. The success of these early ETFs has paved the way for more innovative products like the Hyperliquid ETF. If approved, this ETF could serve as a template for future DeFi-related investment vehicles, further bridging the gap between traditional finance and the decentralized world. The regulatory landscape will ultimately dictate how rapidly DeFi exposure becomes mainstream.",[12,106,107],{},[37,108,109],{},"By strategically partnering with established market makers, Bitwise is attempting to de-risk the Hyperliquid ETF offering and improve its chances of regulatory approval and market adoption.",{"title":111,"searchDepth":112,"depth":112,"links":113},"",3,[114,116,117,118],{"id":18,"depth":115,"text":19},2,{"id":25,"depth":115,"text":26},{"id":64,"depth":115,"text":65},{"id":97,"depth":115,"text":98},"tax-regulation","2026-04-11","Bitwise amends Hyperliquid ETF filing, adding Wintermute & Flowdesk as trading counterparties. Key for fintech\u002Faccounting pros tracking crypto ETF evolution.",false,"md",null,"\u002Fimages\u002Farticles\u002Fbitwise-files-second-amendment-to-hyperliquid-etf-adds-winte.png",{},true,"\u002Fnews\u002F2026\u002F04\u002Fbitwise-files-second-amendment-to-hyperliquid-etf-adds-winte",{"title":6,"description":121},"The Block","https:\u002F\u002Fwww.theblock.co\u002Fpost\u002F397117\u002Fbitwise-files-second-amendment-to-hyperliquid-etf-adds-wintermute-and-flowdesk-as-trading-counterparties?utm_source=rss&utm_medium=rss","news\u002F2026\u002F04\u002Fbitwise-files-second-amendment-to-hyperliquid-etf-adds-winte",[134],"etf","DOmtXxYIjMxN4kb_P0_D1yGtR3wGdXkSddwFIfW9XLA",{"id":137,"title":138,"author":7,"body":139,"category":197,"date":198,"description":199,"draft":122,"extension":123,"faq":124,"featured":122,"image":200,"meta":201,"modified":124,"navigation":127,"path":202,"seo":203,"source":130,"sourceUrl":204,"stem":205,"tags":206,"__hash__":209},"news\u002Fnews\u002F2026\u002F03\u002Fmorgan-stanley-sets-spot-bitcoin-etf-fee-at-014-undercutting.md","Morgan Stanley sets spot bitcoin ETF fee at 0.14%, undercutting every rival on the market",{"type":9,"value":140,"toc":191},[141,144,148,151,155,158,161,165,168,181,185],[12,142,143],{},"The race for dominance in the nascent spot Bitcoin ETF market is intensifying, and Morgan Stanley's reported fee structure represents a significant escalation. The move highlights the fierce competition for assets and underscores the growing institutional acceptance of Bitcoin as a legitimate investment vehicle. This development is not merely about shaving basis points off fees; it signifies a strategic maneuver to capture market share and establish a leading position in a rapidly evolving financial landscape. The implications ripple through the financial industry, impacting everyone from investment advisors to corporate treasurers considering Bitcoin exposure.",[16,145,147],{"id":146},"whats-happening","What's Happening",[12,149,150],{},"According to reports, Morgan Stanley is poised to launch its spot Bitcoin ETF with a management fee of just 0.14%. This figure significantly undercuts all existing competitors in the market, including giants like BlackRock, Fidelity, and Ark Invest\u002F21Shares, which generally charge fees in the range of 0.20% to 0.30%, even after initial waiver periods. This aggressive pricing strategy, anticipated to be implemented as early as April, signals a clear intent to attract a substantial portion of the investor base. The fee structure is particularly noteworthy because it is being launched by a major Wall Street institution known for its conservative approach. The decision to offer such a low fee suggests confidence in their ability to attract significant assets under management (AUM) and generate revenue despite the thin margins. While the exact details of the fund structure and custodial arrangements are yet to be fully disclosed, the fee announcement has already sent shockwaves through the ETF market, prompting speculation about potential fee adjustments from other providers.",[16,152,154],{"id":153},"industry-context","Industry Context",[12,156,157],{},"The introduction of spot Bitcoin ETFs represents a watershed moment for the cryptocurrency industry. After years of regulatory hurdles and skepticism, the SEC's approval of these ETFs in January 2024 opened the floodgates for institutional and retail investment. The existing ETF landscape is now a battleground for asset managers seeking to capitalize on the pent-up demand for Bitcoin exposure. BlackRock's iShares Bitcoin Trust (IBIT) and Fidelity's Wise Origin Bitcoin Fund (FBTC) have already amassed billions in AUM, demonstrating the strong investor appetite. However, the long-term success of these ETFs will depend on factors beyond initial inflows, including trading volume, tracking error, and, crucially, management fees.",[12,159,160],{},"Morgan Stanley's ultra-low fee strategy can be viewed in the context of the broader ETF industry, where price competition is a common tactic to attract investors. However, the Bitcoin ETF market is unique due to the novelty of the asset class and the associated operational complexities, such as custody and security. The low fee may also reflect Morgan Stanley's existing infrastructure and resources for managing digital assets, potentially giving them a cost advantage. Furthermore, it could be a strategic move to attract high-net-worth clients who are already part of their wealth management ecosystem. By offering a competitively priced Bitcoin ETF, Morgan Stanley can consolidate its relationship with these clients and capture a larger share of their investment portfolio. The competitive landscape also highlights the ongoing debate surrounding the valuation of Bitcoin and its role in a diversified portfolio. While some investors view Bitcoin as a hedge against inflation and a store of value, others remain skeptical due to its volatility and regulatory uncertainty. The success of spot Bitcoin ETFs will ultimately depend on whether Bitcoin can establish itself as a mainstream asset class with widespread acceptance.",[16,162,164],{"id":163},"why-this-matters-for-professionals","Why This Matters for Professionals",[12,166,167],{},"For accountants, CFOs, and other fintech practitioners, the emergence of spot Bitcoin ETFs presents both opportunities and challenges. From an accounting perspective, understanding the proper treatment of Bitcoin ETF investments is crucial. Under U.S. GAAP, Bitcoin is typically classified as an intangible asset, which can lead to complex accounting requirements related to impairment testing. The IRS has also issued guidance on the tax treatment of virtual currencies, which can impact the tax implications of holding Bitcoin ETFs. CFOs considering adding Bitcoin ETFs to their corporate treasury portfolio need to carefully assess the risks and rewards. Bitcoin's volatility can significantly impact a company's balance sheet and earnings. Therefore, a robust risk management framework is essential, including setting appropriate allocation limits and monitoring market conditions.",[12,169,170,171,174,175,177,178,180],{},"Fintech practitioners should also be aware of the technological implications of Bitcoin ETFs. The underlying infrastructure for custody and trading of Bitcoin requires specialized expertise in blockchain technology and cybersecurity. Fintech companies that provide services to the Bitcoin ETF industry, such as custody solutions and trading platforms, need to ensure that they have robust security measures in place to protect against cyberattacks. ",[37,172,173],{},"Action Item:"," Accountants should familiarize themselves with ASC Topic 350 (Intangibles – Goodwill and Other) and IRS Notice 2014-21 regarding the tax treatment of virtual currencies. ",[37,176,173],{}," CFOs should develop a comprehensive risk management framework for Bitcoin ETF investments, including setting allocation limits and monitoring market conditions. ",[37,179,173],{}," Fintech practitioners should prioritize cybersecurity and ensure that they have robust security measures in place to protect against cyberattacks.",[16,182,184],{"id":183},"the-bottom-line","The Bottom Line",[12,186,187,188],{},"Morgan Stanley's aggressive fee strategy for its spot Bitcoin ETF marks a turning point in the institutionalization of Bitcoin. The move signals a growing acceptance of Bitcoin as a legitimate asset class and intensifies the competition among asset managers to capture market share. While the low fee may put pressure on other ETF providers to reduce their fees, it also raises questions about the long-term sustainability of such a strategy. Ultimately, the success of spot Bitcoin ETFs will depend on factors such as Bitcoin's price performance, regulatory developments, and investor demand. The industry will be watching closely to see if Morgan Stanley's gamble pays off and whether other firms will follow suit in a race to the bottom on fees. ",[37,189,190],{},"Morgan Stanley's ultra-low fee signals a clear intention to dominate the spot Bitcoin ETF market, potentially reshaping the competitive landscape and driving further institutional adoption of cryptocurrency.",{"title":111,"searchDepth":112,"depth":112,"links":192},[193,194,195,196],{"id":146,"depth":115,"text":147},{"id":153,"depth":115,"text":154},{"id":163,"depth":115,"text":164},{"id":183,"depth":115,"text":184},"fintech","2026-03-28","Morgan Stanley's ultra-low 0.14% spot Bitcoin ETF fee disrupts the market! A game-changer for institutional crypto investment & accounting pros.","\u002Fimages\u002Farticles\u002Fmorgan-stanley-sets-spot-bitcoin-etf-fee-at-014-undercutting.png",{},"\u002Fnews\u002F2026\u002F03\u002Fmorgan-stanley-sets-spot-bitcoin-etf-fee-at-014-undercutting",{"title":138,"description":199},"https:\u002F\u002Fwww.theblock.co\u002Fpost\u002F395568\u002Fmorgan-stanley-sets-spot-bitcoin-etf-fee-at-0-14-undercutting-every-rival-on-the-market?utm_source=rss&utm_medium=rss","news\u002F2026\u002F03\u002Fmorgan-stanley-sets-spot-bitcoin-etf-fee-at-014-undercutting",[207,134,208,197],"bitcoin","crypto","yxx4-E8wcXyugS1Je5QRk_kNk-Ovd1i2O0s1Ue3A_m4",{"data":211,"valid_date":215},[212,223,232,241,250,259,265,273,282,291,300,310,320,329,338,347,356,365,373,382,391,399,408,417,426,435,444,451,460],{"currency":213,"id":214,"valid_date":215,"unit":216,"ask":217,"created_at":218,"currency_id":219,"symbol":220,"bid":221,"average":222},"Unknown 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CNY",7755,592,"2026-04-23T00:00:04.731588+07:00","CNH","CNH\u002FKHR",586,589,{"currency":260,"id":261,"valid_date":215,"unit":216,"ask":253,"created_at":262,"currency_id":263,"symbol":264,"bid":257,"average":258},"China Yuan",7756,"2026-04-23T00:00:04.778072+07:00","CNY","CNY\u002FKHR",{"currency":213,"id":266,"valid_date":215,"unit":216,"ask":267,"created_at":268,"currency_id":269,"symbol":270,"bid":271,"average":272},7778,635,"2026-04-23T00:00:05.759062+07:00","DKK","DKK\u002FKHR",629,632,{"currency":274,"id":275,"valid_date":215,"unit":216,"ask":276,"created_at":277,"currency_id":278,"symbol":279,"bid":280,"average":281},"European Euro",7757,4748,"2026-04-23T00:00:04.822241+07:00","EUR","EUR\u002FKHR",4701,4724.5,{"currency":283,"id":284,"valid_date":215,"unit":216,"ask":285,"created_at":286,"currency_id":287,"symbol":288,"bid":289,"average":290},"British Pound",7758,5464,"2026-04-23T00:00:04.865145+07:00","GBP","GBP\u002FKHR",5409,5436.5,{"currency":292,"id":293,"valid_date":215,"unit":216,"ask":294,"created_at":295,"currency_id":296,"symbol":297,"bid":298,"average":299},"Hong Kong Dollar",7759,516,"2026-04-23T00:00:04.915081+07:00","HKD","HKD\u002FKHR",511,513.5,{"currency":301,"id":302,"valid_date":215,"unit":303,"ask":304,"created_at":305,"currency_id":306,"symbol":307,"bid":308,"average":309},"Indonesian Rupiah",7760,1000,235,"2026-04-23T00:00:04.958345+07:00","IDR","IDR\u002FKHR",233,234,{"currency":311,"id":312,"valid_date":215,"unit":313,"ask":314,"created_at":315,"currency_id":316,"symbol":317,"bid":318,"average":319},"Indian Rupee",7761,100,4304,"2026-04-23T00:00:05.009885+07:00","INR","INR\u002FKHR",4261,4282.5,{"currency":321,"id":322,"valid_date":215,"unit":313,"ask":323,"created_at":324,"currency_id":325,"symbol":326,"bid":327,"average":328},"Japanese Yen",7762,2537,"2026-04-23T00:00:05.053586+07:00","JPY","JPY\u002FKHR",2512,2524.5,{"currency":330,"id":331,"valid_date":215,"unit":313,"ask":332,"created_at":333,"currency_id":334,"symbol":335,"bid":336,"average":337},"Korean Won",7763,274,"2026-04-23T00:00:05.101117+07:00","KRW","KRW\u002FKHR",271,272.5,{"currency":339,"id":340,"valid_date":215,"unit":303,"ask":341,"created_at":342,"currency_id":343,"symbol":344,"bid":345,"average":346},"Laotian Kip",7764,185,"2026-04-23T00:00:05.146994+07:00","LAK","LAK\u002FKHR",183,184,{"currency":348,"id":349,"valid_date":215,"unit":313,"ask":350,"created_at":351,"currency_id":352,"symbol":353,"bid":354,"average":355},"Myanmar Kyat",7765,193,"2026-04-23T00:00:05.189702+07:00","MMK","MMK\u002FKHR",191,192,{"currency":357,"id":358,"valid_date":215,"unit":216,"ask":359,"created_at":360,"currency_id":361,"symbol":362,"bid":363,"average":364},"Malaysian Ringgit",7766,1022,"2026-04-23T00:00:05.237324+07:00","MYR","MYR\u002FKHR",1012,1017,{"currency":213,"id":366,"valid_date":215,"unit":313,"ask":367,"created_at":368,"currency_id":369,"symbol":370,"bid":371,"average":372},7777,299,"2026-04-23T00:00:05.715901+07:00","NGN","NGN\u002FKHR",296,297.5,{"currency":374,"id":375,"valid_date":215,"unit":216,"ask":376,"created_at":377,"currency_id":378,"symbol":379,"bid":380,"average":381},"New Zealand Dollar",7767,2391,"2026-04-23T00:00:05.279046+07:00","NZD","NZD\u002FKHR",2368,2379.5,{"currency":383,"id":384,"valid_date":215,"unit":313,"ask":385,"created_at":386,"currency_id":387,"symbol":388,"bid":389,"average":390},"Philippine Peso",7768,6718,"2026-04-23T00:00:05.324270+07:00","PHP","PHP\u002FKHR",6652,6685,{"currency":213,"id":392,"valid_date":215,"unit":216,"ask":393,"created_at":394,"currency_id":395,"symbol":396,"bid":397,"average":398},7779,1077,"2026-04-23T00:00:05.801223+07:00","SAR","SAR\u002FKHR",1066,1071.5,{"currency":400,"id":401,"valid_date":215,"unit":216,"ask":402,"created_at":403,"currency_id":404,"symbol":405,"bid":406,"average":407},"Special Drawing Right",7769,5545,"2026-04-23T00:00:05.364951+07:00","SDR","SDR\u002FKHR",5490,5517.5,{"currency":409,"id":410,"valid_date":215,"unit":216,"ask":411,"created_at":412,"currency_id":413,"symbol":414,"bid":415,"average":416},"Swedish Krona",7770,441,"2026-04-23T00:00:05.406092+07:00","SEK","SEK\u002FKHR",437,439,{"currency":418,"id":419,"valid_date":215,"unit":216,"ask":420,"created_at":421,"currency_id":422,"symbol":423,"bid":424,"average":425},"Singapore Dollar",7771,3175,"2026-04-23T00:00:05.449803+07:00","SGD","SGD\u002FKHR",3143,3159,{"currency":427,"id":428,"valid_date":215,"unit":216,"ask":429,"created_at":430,"currency_id":431,"symbol":432,"bid":433,"average":434},"Thai Baht",7772,126,"2026-04-23T00:00:05.492499+07:00","THB","THB\u002FKHR",124,125,{"currency":436,"id":437,"valid_date":215,"unit":216,"ask":438,"created_at":439,"currency_id":440,"symbol":441,"bid":442,"average":443},"Taiwan Dollar",7773,128,"2026-04-23T00:00:05.539270+07:00","TWD","TWD\u002FKHR",127,127.5,{"currency":445,"id":446,"valid_date":215,"unit":216,"ask":447,"created_at":448,"currency_id":449,"symbol":450,"bid":447,"average":447},"United States Dollar",7751,3999,"2026-04-23T00:00:04.540036+07:00","USD","USD\u002FKHR",{"currency":452,"id":453,"valid_date":215,"unit":303,"ask":454,"created_at":455,"currency_id":456,"symbol":457,"bid":458,"average":459},"Vietnamese Dong",7774,153,"2026-04-23T00:00:05.579702+07:00","VND","VND\u002FKHR",152,152.5,{"currency":213,"id":461,"valid_date":215,"unit":216,"ask":462,"created_at":463,"currency_id":464,"symbol":465,"bid":466,"average":467},7776,246,"2026-04-23T00:00:05.669765+07:00","ZAR","ZAR\u002FKHR",244,245,1776917278040]