Bitwise to add HYPE to balance sheet using fees from Hyperliquid ETF
Quick Take
- Rival issuer 21Shares’ THYP fund has already attracted roughly $10.5 million in cumulative net inflows.
- Hyperliquid now regularly beats out Ethereum and Solana in weekly blockchain fee generation, driven largely by perpetual futures.
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Bitwise Asset Management said Monday that it plans to use a portion of the management fees generated from its recently launched BHYP Hyperliquid ETF to accumulate the blockchain's native HYPE token on its balance sheet.
"Bitwise will be devoting 10% of the Bitwise Hyperliquid ETF (BHYP) management fee to holding HYPE on the Bitwise balance sheet," the company said in a post on X.
The firm touted Hyperliquid's community-forward model, where roughly "99% of the blockchain's revenue is used to buy back and burn HYPE tokens."
"In that spirit, we’re pleased to announce ... we’re holding HYPE," Bitwise said.
Bitwise's Hyperliquid ETF, trading under the ticker BHYP, made its debut on the New York Stock Exchange on Friday. The fund gives investors indirect exposure to (HYPE) and staking rewards. Of note, Bitwise said it will stake the HYPE on its balance sheet.
Hyperliquid has emerged as one of the largest onchain trading platforms, particularly for perpetual futures trading. According to recent data from The Block, the network generated nearly 40% of all blockchain fees last week, ahead of Ethereum at approximately 14% and Solana near 10%.
The platform's native HYPE token has roughly doubled in price in 2026, rising from around $22 at the start of the year to over $44 today. Excluding stablecoins, HYPE is now a top-10 crypto by market cap at more than $10.6 billion according to The Block data.
Bitwise was the first asset manager to file for a U.S. Hyperliquid ETF last year, ahead of rival filings from 21Shares and Grayscale.
But it was 21Shares that was first to hit the market with its (THYP) ETF on May 12. The fund has since recorded around $10.5 million in cumulative net inflows, according to SoSoValue.
Volume for Bitwise's BHYP has not yet been reported.
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