Bitwise will use 10% of its HYPE ETF management fee to purchase HYPE on its balance sheet.
Summary
- Bitwise has announced that it will use 10% of its BHYP Hyperliquid ETF management fee to buy and hold HYPE tokens on its balance sheet.
- The BHYP ETF launched on the NYSE on May 15 with a sponsor fee of 0.34%, the first US product to offer in-house trading through Bitwise Onchain Solutions.
- Combined with 21Shares’ THYP product, the two Hyperliquid ETFs have amassed more than $5.6 million in revenue since launching last week.
Bitwise Asset Management has announced that it will use 10% of the management fee from the Bitwise Hyperliquid ETF (NYSE: BHYP) to hold HYPE on its balance sheet. The company said the move reflects Hyperliquid’s tokenomics, which channels around 99% of the protocol’s revenue through its Assistance Fund to repurchase HYPE.
“The Hyperliquid token has been expressly designed so that increased trading activity on the Hyperliquid platform will directly benefit token holders,” said Matt Hougan, Bitwise’s Chief Investment Officer. “This has translated into historically strong returns. We think it’s one of the most exciting assets in crypto.”
HYPE ETF structure and buy signal
BHYP launched on the NYSE on May 15 with a sponsor fee of 0.34%, which was waived in the first month with initial fund assets of $500 million. It is the only Hyperliquid product listed in the US that can contribute to HYPE through the provider’s own infrastructure instead of a third party. As reported by crypto.news, HYPE rose to $46 following the launch and has recovered nearly 65% since the start of 2026.
10% fee commitments add a second major revenue channel to HYPE beyond price. Bitwise hosts the fund through Bitwise Onchain Solutions, with rewards flowing back to the fund after a 15% fee. Adding balance sheet purchases to management fees means that institutional capital flows into HYPE through two similar channels.
Competing with BHYP is 21Shares’ THYP product, which launched on Nasdaq earlier in the week and pulled in about $1.2 million on its first day. Together, the two HYPE ETFs have accumulated more than $5.6 million in total revenue.
Why the payment model is important for HYPE
Hyperliquid has seen $2.9 billion in trading volume by 2025, up more than 400% year-over-year, and currently commands nearly 60 percent of all open-chain transactions globally. HYPE’s market cap is over $11 billion, making it the tenth largest crypto asset by market capitalization.
As crypto.news wrote in its April update, Bloomberg ETF analyst Eric Balchunas flagged the addition of BHYP’s ticker and currency details as signs that the fund is about to launch.
The transaction fee promise aligns Bitwise’s incentives directly with Hyperliquid’s first community model. Each dollar of management capital generates a fraction of HYPE that remains permanently on Bitwise’s balance sheet, creating a search path that reaches fund AUM alongside ETF inflow growth.
