The asset manager recently launched a HYPE-based exchange-traded fund and said it will use some of the fees generated to buy the token.

HYPE tokens surged over 5% on Monday after Bitwise’s spot ETF debut on NYSE Arca offset regulatory pressure instigated by CME and ICE.

Hyperliquid now regularly beats out Ethereum and Solana in weekly blockchain fee generation, driven largely by perpetual futures.