Overview
- Bitwise, which announced Monday it will allocate 10% of BHYP’s management fee to buy and stake HYPE, said the tokens will be held on its balance sheet.
- BHYP began trading Friday on the NYSE alongside 21Shares’ Nasdaq fund, and the two ETFs had surpassed $11 million in net inflows by Monday.
- Bitwise runs in-house staking for the ETF and plans to share staking rewards with shareholders, creating an added source of demand beyond fund inflows.
- A USDC arrangement announced Thursday makes Coinbase the treasury deployer and Circle the technical partner on Hyperliquid and redirects up to 90% of USDC reserve income to the network, which analysts peg at roughly $135–$160 million a year.
- HYPE has risen in 2026 to about a $10.6–$11 billion market value, and Bitwise says it remains undervalued given estimated $800 million to $1 billion in annualized revenue and a design that routes about 99% of fees to token buybacks.