Bitwise Asset Management announced Monday that it will use 10% of management fees from its recently launched BHYP Hyperliquid ETF to accumulate the blockchain's native HYPE token on its balance sheet. According to the company's announcement on X, Bitwise emphasized its alignment with Hyperliquid's community-forward model, where approximately 99% of the blockchain's revenue is used to buy back and burn HYPE tokens. The firm stated it will also stake the HYPE tokens on its balance sheet to generate rewards, demonstrating its commitment to the platform's ecosystem and extending its exposure beyond the ETF's investor offering. This strategic move adds a new treasury angle to the Hyperliquid market narrative, as Bitwise plans to direct a portion of management fees into HYPE holdings rather than simply collecting fees. The announcement has already boosted HYPE's price to $45.33, representing a 3% intraday gain from recent lows.
Bitwise's BHYP Hyperliquid ETF made its debut on the New York Stock Exchange on Friday under ticker BHYP, providing investors with indirect exposure to HYPE and staking rewards. The fund recorded $4.31 million in first-day trading volume, marking one of the stronger altcoin ETF launches this year. Combined Hyperliquid ETF products from Bitwise and 21Shares have reported more than $12.64 million in net assets and over $5 million in net inflows, with 21Shares' fund currently accounting for most of the reported assets at approximately $11.64 million. The fund represents Bitwise's position as the first asset manager to file for a U.S. Hyperliquid ETF last year, ahead of rival filings from 21Shares and Grayscale, though 21Shares was the first to market with its THYP ETF on May 12. According to SoSoValue, 21Shares' THYP fund has since recorded around $10.5 million in cumulative net inflows.
Hyperliquid has emerged as one of the largest onchain trading platforms, particularly for perpetual futures trading, according to recent data from The Block. The platform generated nearly 40% of all blockchain fees last week, significantly outpacing Ethereum at approximately 14% and Solana near 10%. This dominance in fee generation has been driven largely by perpetual futures trading activity on the platform, with the fee lead underscoring growing activity on the network. The protocol has also expanded beyond crypto perpetuals, with its HIP-3 pre-market trading system reportedly surpassing $120 billion in volume, as users trade perpetual contracts tied to expected listings such as SpaceX, OpenAI, and Anthropic. Hyperliquid has also reached a record $2.6 billion in open interest for real-world asset trading, representing a 100% increase over two months.
The platform's native HYPE token has demonstrated exceptional performance in 2026, roughly doubling in price from around $22 at the start of the year to over $44 today, with recent trading at $45.33 representing a 3% jump from intraday lows. As reported by The Block, excluding stablecoins, HYPE is now a top-10 crypto by market cap at more than $10.6 billion. The token has also benefited from reports of large institutional accumulation, with on-chain data showing a wallet linked to Andreessen Horowitz buying an additional 372,000 HYPE, worth about $16.91 million, bringing total accumulation since mid-April to roughly $90.87 million. HYPE remains near a major resistance level at $46, with traders watching whether the token can close above that zone on higher timeframes, potentially opening the door for a retest of previous all-time highs. Market analysts describe the current market as range-bound between $38 and $46, with a monthly close above $46 potentially triggering a rally towards $50.
While Bitwise was the first to file for a U.S. Hyperliquid ETF, it was 21Shares that achieved the first market launch. Volume data for Bitwise's BHYP has not yet been reported, leaving the competitive landscape between the two funds unclear. The strategic focus on token accumulation through management fees represents Bitwise's commitment to supporting the Hyperliquid ecosystem while potentially benefiting from the token's continued price appreciation. However, regulatory attention remains another factor for Hyperliquid, as CME and ICE have reportedly urged U.S. regulators to examine the platform over concerns tied to decentralized derivatives markets. Despite this, Hyperliquid has responded that its public on-chain record improves transparency and can support surveillance by regulators. The platform's growth has also attracted attention from stablecoin infrastructure, with USDC becoming the primary aligned stablecoin through partnerships involving Circle and Coinbase, each entity reportedly staking 500,000 HYPE under the AQAv2 framework.
