Bitwise Stakes $114M Worth of HYPE on Hyperliquid as BHYP ETF Scales Up
Bitwise has added to its Hyperliquid exposure by sending 1.775 million HYPE—valued at about $114 million—to the protocol and staking the tokens, according to onchain tracker Lookonchain.
The asset manager has been building the position since the May launch of its Bitwise Hyperliquid ETF (BHYP), which began trading on NYSE Arca on May 15. Under the fund's structure, Bitwise allocates 10% of BHYP's management fees to buy and stake HYPE on its own balance sheet, linking the firm's accumulation—and potential yield—to the exchange's activity.
Onchain data cited by Hypurrscan indicates Bitwise has staked nearly $114 million worth of HYPE. Unlike inflation-driven staking programs, Hyperliquid staking rewards are funded by protocol revenue: fees paid by traders are redistributed to token stakers, tying returns to exchange usage rather than new token issuance.
The latest deposit follows a string of earlier buys as Bitwise converted fund inflows into staked tokens. Bitcoin.com News previously reported purchases including a single acquisition of 77,097 HYPE worth roughly $5.18 million.
BHYP is positioned as one of the first U.S. spot Hyperliquid ETFs to offer in-house staking via Bitwise Onchain Solutions. The ETF posted the largest opening day this year for a U.S. spot altcoin fund, an event that coincided with a short squeeze that pushed HYPE up about 5%.
Competition for Hyperliquid exposure is intensifying. 21Shares offers its THYP product, and Grayscale has also moved into the HYPE ETF race with a planned Nasdaq listing. Spot HYPE ETFs have collectively absorbed a meaningful share of the token's circulating supply within their first weeks, underscoring how quickly Hyperliquid has shifted from a niche derivatives platform to an institutional target.
With HYPE's market capitalization in the billions, even modest allocations from regulated products can drive substantial onchain flows—something Bitwise's latest $114 million stake puts in sharp relief.
