Cardano

United

Spot

Hyperliquid

<h2 id="bitwise-moves-beyond-custody-with-a-href-https-x-com-search-q-24hypesrc-cashtag_click-rel-noopener-noreferrer-nofollow-hype-a-allocation">Bitwise Moves Beyond Custody With <a href="https://x.com/search?q=%24HYPE&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$HYPE</a> Allocation</h2>
<p><a href="https://x.com/Bitwise" rel="noopener noreferrer nofollow">@Bitwise</a> is taking its exposure to Hyperliquid a step further. The crypto asset manager has announced it will allocate 10% of the management fees generated by its <a href="https://x.com/search?q=%24BHYP&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$BHYP</a> ETF to purchase and hold <a href="https://x.com/search?q=%24HYPE&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$HYPE</a> tokens directly on its corporate balance sheet. The move marks a deliberate shift from passive custody to active asset accumulation, making <a href="https://x.com/Bitwise" rel="noopener noreferrer nofollow">@Bitwise</a> a direct participant in the network's value accrual rather than simply a conduit for investor exposure.</p>
<p><a href="https://bitwiseinvestments.com/newsroom/bitwise-launches-spot-hyperliquid-etf-bhyp" rel="noopener noreferrer nofollow">The $BHYP ETF began trading on the NYSE on May 15, 2026</a>, carrying a 0.34% sponsor fee, waived for the first month on the fund's first $500 million in assets. The product is among the first spot Hyperliquid exchange-traded products in the United States and the first to include in-house staking through Bitwise Onchain Solutions.</p>
<h2 id="aligning-with-hyperliquid-s-buy-and-burn-model">Aligning With Hyperliquid's Buy-and-Burn Model</h2>
<p>The treasury strategy directly mirrors the economic design of the <a href="https://x.com/HyperliquidX" rel="noopener noreferrer nofollow">@HyperliquidX</a> protocol itself. Under the protocol's buyback-and-burn mechanism, 99% of trading fees are used to purchase <a href="https://x.com/search?q=%24HYPE&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$HYPE</a> tokens, which are then permanently destroyed. Since January 2026, approximately $645 million has been spent on buybacks, with roughly 43.6 million HYPE tokens incinerated. By routing a portion of its own fee income into <a href="https://x.com/search?q=%24HYPE&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$HYPE</a>, <a href="https://x.com/Bitwise" rel="noopener noreferrer nofollow">@Bitwise</a> is effectively compounding its alignment with that same supply-reduction flywheel.</p>
<p>The timing is notable. Hyperliquid saw $2.9 trillion in trading volume in 2025, an increase of more than 400% from the prior year, and the platform commands approximately 60% of all onchain derivative open interest globally. <a href="https://x.com/search?q=%24HYPE&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$HYPE</a> has become the tenth-largest crypto asset worldwide, with a market cap above $11 billion after less than two years of trading.</p>
<p>The balance sheet accumulation decision signals that <a href="https://x.com/Bitwise" rel="noopener noreferrer nofollow">@Bitwise</a> views <a href="https://x.com/search?q=%24HYPE&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$HYPE</a> not simply as a product to wrap and distribute to clients, but as a long-term asset worth holding at the firm level. It also reinforces the broader institutional momentum building around Hyperliquid, at a moment when wallets linked to Andreessen Horowitz (a16z) acquired nearly $67.5 million worth of <a href="https://x.com/search?q=%24HYPE&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$HYPE</a> in the weeks leading up to the ETF launches.</p>
<p><strong>Sources</strong><br><a href="https://bitwiseinvestments.com/newsroom/bitwise-launches-spot-hyperliquid-etf-bhyp" rel="noopener noreferrer nofollow">Bitwise Investments: Bitwise Launches Spot Hyperliquid ETF (BHYP)</a><br><a href="https://www.prnewswire.com/news-releases/bitwise-launches-spot-hyperliquid-etf-bhyp-offers-exposure-to-leading-onchain-derivatives-exchange-with-staking-rewards-302772855.html" rel="noopener noreferrer nofollow">PR Newswire: Bitwise Launches Spot Hyperliquid ETF (BHYP)</a><br><a href="https://www.fool.com/investing/2026/05/14/hyperliquid-hype-could-soon-be-bigger-than-cardano/" rel="noopener noreferrer nofollow">The Motley Fool: Hyperliquid (HYPE) Could Soon Be Bigger Than Cardano</a></p>

Bitwise Will Start Accumulating HYPE Tokens

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