Bitwise Commits 10% of Hyperliquid ETF Fees to Buying HYPE Tokens

Crypto ETF issuer Bitwise has committed to holding HYPE on its balance sheet by deploying 10% of the management fees from its Hyperliquid ETF to token purchases. This follows the launch of its HYPE ETF last week, which was among the best altcoin ETF launches this year.

Bitwise To Hold Hyperliquid On Its Balance Sheet

In an X post, the crypto ETF issuer announced that it will devote 10% of the Bitwise HYPE ETF (BHYP) management fee to holding the token on its balance sheet. This came amid praise from the firm, which noted that the layer-1 network is “built different.”

Bitwise alluded to the fact that Hyperliquid uses 99% of its revenue to buy and burn HYPE tokens. “It’s a community-first model based on this idea: If the protocol succeeds, the community succeeds,” the crypto ETF issuer said.

The firm also remarked that the HYPE community has a “big part” to play as the crypto leverage trading platform becomes one of the most powerful and disruptive forces in finance. Bitwise’s move follows the launch of the firm’s Hyperliquid ETF last week.

The Bitwise fund recorded one of the best launches among altcoin ETFs this year, with $4.31 million in day-one trading volume. The fund is the second HYPE ETF to launch, following 21Shares’ fund, which launched earlier last week.

SoSoValue data show that these Hyperliquid ETFs boast $12.64 million in net assets and have recorded over $5 million in net inflows. 21Shares’ fund accounts for most of these net assets, with $11.64 million in assets under management (AUM).

HYPE Price Up On The Day

The Hyperliquid price is up on the day amid Bitwise’s move to hold HYPE tokens on its balance sheet. CoinMarketCap data shows that the Perp DEX token is currently trading at around $45, up over 3% in the last 24 hours.

As CoinGape reported, the HYPE price has surged today, partly due to the launch of SpaceX’s pre-IPO stock on the Perp DEX. Furthermore, RWA trading on Hyperliquid reached a new all-time high of $2.6 billion in open interest, double the amount from two months ago.

Meanwhile, crypto exchange Coinbase announced last week that it has become the official USDC treasury deployer on the Perp DEX, a move that has also sparked bullish sentiments among market participants. This also comes as Hyperliquid seeks greater regulatory clarity for on-chain derivatives in the U.S.