Bitwise said it will use 10% of BHYP ETF management fees to buy and stake HYPE tokens on its balance sheet.
Crypto News
Bitwise Asset Management said on May 18 it will direct 10% of the management fees earned from its Bitwise Hyperliquid ETF (BHYP) toward buying Hyperliquid (HYPE) tokens for its own balance sheet. The firm also said it will stake those holdings rather than hold them passively.
"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. Bitwise pointed to Hyperliquid's model, under which approximately 99% of the network's revenue goes toward buying back and burning HYPE, as the rationale for its approach.
BHYP Debuts on NYSE Days After Rival
BHYP debuted on the New York Stock Exchange (NYSE) on May 16. The fund gives investors indirect exposure to HYPE and staking rewards. Volume for the fund had not been reported at the time of publication.
Hyperliquid produced nearly 40% of all blockchain fees during the most recent full week. That figure placed it ahead of Ethereum (ETH) at approximately 14% and Solana at near 10%. Perpetual futures trading drives the majority of fee activity on the platform.
HYPE has roughly doubled in price since January 2026, climbing from around $22 to over $44. Excluding stablecoins, it now ranks among the top 10 cryptocurrencies by market cap, at more than $10.6 billion.
Bitwise was the first asset manager to file a US Hyperliquid ETF application, submitting its proposal in 2025 ahead of rival filings from 21Shares and Grayscale. 21Shares reached the market first with its THYP fund on May 12, 2026. That fund has since recorded roughly $10.5 million in cumulative net inflows, according to SoSoValue.
The two funds now compete directly for investor exposure to $HYPE. Bitwise's decision to accumulate the token on its own balance sheet adds a layer of corporate exposure beyond what the ETF itself delivers.
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