Asset manager Bitwise deposited 1.775 million HYPE worth about $114 million into Hyperliquid and subsequently staked the same tokens. The move expands a position the firm has been building since launching a spot Hyperliquid fund in May.
Key Takeaways:
Bitwise staked 1.775 million HYPE worth roughly $114 million on Hyperliquid, per Lookonchain.The firm runs the Bitwise Hyperliquid ETF (BHYP), which launched on NYSE Arca on May 15.BHYP directs 10% of its fees to buying and staking HYPE, tying the fund’s growth to protocol revenue.Bitwise moved 1.775 million HYPE, the native token of the Hyperliquid exchange, into the protocol and staked it. At current prices, the deposit is worth roughly $114 million, marking one of the firm’s largest single additions to its Hyperliquid holdings to date.
In any case, the firm’s growing pile of staked HYPE is now a public signal of that conviction, and rivals racing to launch competing products suggest the contest for Hyperliquid exposure is only beginning.
