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’s HYPE token has jumped as its HIP-3 pre-IPO perp marketplace heats up ahead of a series of high-profile tech IPOs.