Key Takeaways
- Bitwise bought 77,097 HYPE worth about $5.18 million via FalconX on June 15, per Lookonchain.
- The firm directs 10% of BHYP ETF fees to buying and staking HYPE, with inflows near $107 million.
- The strategy layers onto Hyperliquid’s own buybacks, which absorb about 97% of exchange trading fees.
Bitwise Keeps Stacking HYPE
Bitwise bought 77,097 HYPE, valued at roughly $5.18 million, through FalconX on June 15, a move that seems to be in line with a broader pattern of accumulation that the asset manager has deployed to build a position in Hyperliquid’s native token. The purchase is not a one-off, given Bitwise has committed to using 10% of the management fees from its spot Hyperliquid exchange-traded fund (ETF) to buy and stake HYPE on its own corporate balance sheet.
Bitwise launched BHYP on the New York Stock Exchange (NYSE) in May, one of the first U.S. spot Hyperliquid ETFs to offer in-house staking through its Bitwise Onchain Solutions division. By staking the fund’s holdings, Bitwise aims to pass HYPE’s roughly 2.25% annual staking yield through to shareholders rather than letting the tokens sit idle.
The fund has been gathering assets quickly as BHYP recorded a net inflow of about $15.5 million earlier this week, lifting its cumulative net inflows to roughly $107 million since its launch.
The buyback design mirrors a mechanism already built into Hyperliquid itself, given nearly 97% of the exchange’s trading fees flow into an onchain Assistance Fund that repurchases HYPE, meaning both the protocol and one of its largest ETF issuers are now programmatically buying the token. That layered demand has helped tighten available supply.
Why the Accumulation Matters
Bitwise is not alone in building a large position because, as Bitcoin.com News reported earlier, wallets linked to venture firm a16z have quietly become the sixth-largest HYPE holder in the world, having accumulated more than $190 million of the token over several weeks.
The competitive backdrop is intense as well, given Grayscale’s rival HYPG fund launched with a market-low 0.29% sponsor fee, pressuring issuers to differentiate on structure and yield rather than cost alone. Bitwise’s fee-funded buyback and in-house staking are central to that pitch.
Regardless, tying a firm’s balance sheet and an ETF’s fee revenue to a single token concentrates exposure if HYPE’s price or Hyperliquid’s trading volumes decline. For now, the accumulation continues, raising the question of whether rival issuers will adopt similar buyback models to keep pace.