Bitwise Stakes $114M in HYPE on Hyperliquid, Deepening ETF Commitment

On June 26, 2026, Bitwise Asset Management staked 1.775 million HYPE tokens valued at around $114 million on the Hyperliquid protocol, according to Lookonchain. This significant onchain transaction is part of a strategy that has been developing since the Bitwise Hyperliquid ETF (BHYP) debuted on NYSE Arca on May 15, 2026. The staking rewards from Hyperliquid are derived from protocol revenue rather than token inflation, linking Bitwise's returns to the exchange's performance. Additionally, Bitwise allocates 10% of BHYP's management fees to purchase and stake HYPE, fostering a self-reinforcing accumulation cycle. As of April 1, 2026, the firm manages $11 billion in client assets. Hyperliquid, which processed $2.9 trillion in trading volume in 2025, holds 60% of onchain derivative open interest and executes 200,000 orders per second. Competitors include 21Shares (THYP) and Grayscale (Nasdaq listing). In May 2026, regulated spot HYPE ETFs launched, with BHYP and THYP together amassing over $137 million in assets by early June. HYPE's market capitalization is approximately $14 billion, placing it among the top 10 crypto assets. Bitwise CIO Matt Hougan has referred to Hyperliquid as "the most undervalued token" and a "financial super app."