PANews reported on May 19th that, according to The Block, asset management firm Bitwise plans to use 10% of the management fees from its newly launched Hyperliquid ETF “BHYP” to accumulate HYPE tokens on its balance sheet. Bitwise stated that approximately 99% of Hyperliquid's blockchain revenue is used for buying back and burning HYPE tokens, and the company will follow suit.

Bitwise's Hyperliquid ETF debuted on the New York Stock Exchange on Friday, offering investors indirect exposure to HYPE and staking rewards.