Bitwise Asset Management announced that it will use 10% of the management fees from its BHYP Hyperliquid ETF to buy and hold HYPE on the company’s balance sheet.
The firm said the strategy follows the same model used by Hyperliquid, where most protocol revenue is directed toward buying back HYPE tokens through its Assistance Fund.
Bitwise Chief Investment Officer Matt Hougan said Hyperliquid’s token system is designed so that higher trading activity on the platform directly benefits token holders. He described HYPE as one of the most interesting assets in the crypto market.
The BHYP ETF officially launched on the New York Stock Exchange on May 15 with a 0.34% sponsor fee. Bitwise also waived the fee for the first month on the fund’s first $500 million in assets.
The ETF is currently the only U.S.-listed Hyperliquid investment product that stakes HYPE through Bitwise’s own infrastructure instead of using third-party services. Following the launch, HYPE rebounded toward $46 and has gained roughly 65% since the beginning of 2026.
Bitwise said the new fee model creates an additional source of demand for HYPE. Along with staking rewards, the company will now also use part of its ETF income to continuously purchase and hold the token.
A competing product, the THYP ETF from 21Shares, launched on the Nasdaq earlier in the week and attracted around $1.2 million in inflows on its first trading day. Combined, the two Hyperliquid ETFs have already gathered more than $5.6 million in total net inflows since launch.
Hyperliquid has seen rapid growth this year. The platform reportedly processed around $2.9 trillion in trading volume during 2025, an increase of more than 400% compared to the previous year. It now controls roughly 60% of global on-chain derivatives open interest.
HYPE’s market value has also climbed above $11 billion, making it one of the ten largest cryptocurrencies by market capitalization.
Bloomberg ETF analyst Eric Balchunas had previously pointed to the BHYP ticker filing and fee details as signs that the fund launch was approaching.
Bitwise said the decision to buy HYPE using management fees aligns the company more closely with the Hyperliquid ecosystem, creating a long-term demand mechanism tied directly to the ETF’s growth.
