Bitwise buys 77,097 HYPE ($5.18M) via FalconX

Bitwise purchased 77,097 HYPE tokens, valued at about $5.18 million, through prime broker FalconX on June 15. The purchase is part of the BHYP spot Hyperliquid ETF program, which directs 10% of management fees to buy and stake HYPE on Bitwise’s corporate balance sheet.

The trade was recorded by on-chain trackers and follows a pattern of steady accumulation since BHYP launched on the New York Stock Exchange in May. Bitwise retains the acquired tokens on its balance sheet while crediting the economic benefit to the fund.

The firm reports that staking HYPE generates roughly a 2.25% annual yield. Bitwise stakes the tokens through its Bitwise Onchain Solutions unit and passes the staking rewards to the fund rather than leaving tokens unproductive.

BHYP recorded about $15.5 million in net inflows earlier in the week, bringing cumulative net inflows since launch to roughly $107 million.

Hyperliquid’s protocol directs nearly 97% of exchange trading fees into an on-chain Assistance Fund that uses those funds to repurchase HYPE. The combination of protocol-level buybacks and fee-funded purchases by issuers has reduced available token supply on exchanges and other liquid venues.

Other large holders have also accumulated HYPE. Wallets linked to venture firm Andreessen Horowitz held more than $190 million of HYPE over recent weeks. A competing product, HYPG, launched with a 0.29% sponsor fee.

Market participants have raised concerns about concentration when an issuer ties fee revenue and corporate balance-sheet holdings to a single token, citing exposure to changes in the token’s price and exchange trading volumes. Accumulation by funds and major investors continues as issuers differentiate on product structure and yield features.