Bitwise to add HYPE to balance sheet using fees from Hyperliquid ETF

Bitwise Asset Management said Monday that it plans to use a portion of the management fees generated from its recently launched BHYP Hyperliquid ETF to accumulate the blockchain's native HYPE token on its balance sheet.

"Bitwise will be devoting 10% of the Bitwise Hyperliquid ETF (BHYP) management fee to holding HYPE on the Bitwise balance sheet," the company said in a post on X.

The firm touted Hyperliquid's community-forward model, where roughly "99% of the blockchain's revenue is used to buy back and burn HYPE tokens."

"In that spirit, we’re pleased to announce ... we’re holding HYPE," Bitwise said.

Bitwise's Hyperliquid ETF, trading under the ticker BHYP, made its debut on the New York Stock Exchange on Friday. The fund gives investors indirect exposure to (HYPE) and staking rewards. Of note, Bitwise said it will stake the HYPE on its balance sheet.