Bitwise Stakes $114 Million in HYPE on Hyperliquid as Its Spot ETF Doubles Down

Asset manager Bitwise staked 1.775 million HYPE, worth roughly $114 million, on the Hyperliquid protocol. The move significantly increases the firm’s onchain position in the token, which it has been accumulating since launching a spot Hyperliquid fund in May.

Staking on Hyperliquid is funded by actual protocol revenue rather than inflation-based rewards. Fees paid by traders are redistributed to stakers, tying Bitwise’s yield directly to exchange activity.

The stake is linked to the Bitwise Hyperliquid ETF (BHYP), which began trading on NYSE Arca on May 15. BHYP is one of the first U.S. spot Hyperliquid ETFs to offer in-house staking through its Bitwise Onchain Solutions division. The fund directs 10% of its management fees toward buying and staking HYPE on its own balance sheet, creating a feedback loop where fund demand drives onchain accumulation.

Bitwise is not alone in pursuing Hyperliquid exposure. Competitors such as 21shares (with THYP) and Grayscale (with a Nasdaq listing plan) have also entered the market. Spot HYPE ETFs have collectively recorded one of the strongest altcoin debuts, absorbing a meaningful share of the token’s circulating supply.

The firm’s growing pile of staked HYPE signals strong conviction, and the race for regulated Hyperliquid exposure is only intensifying.

Source: https://news.bitcoin.com/bitwise-stakes-114-million-hype-hyperliquid-etf/