By Bitwise’s Hyperliquid ETF has emerged as the largest exchange-traded product focused on HYPE, with blockchain analytics firm Arkham tracking approximately $166.3 million of token purchases associated with the fund since its May launch. The latest increase came Friday, when BHYP-linked wallets acquired approximately $10.5 million of HYPE following four consecutive days without a tracked purchase. Arkham said it was the fund’s largest single-day addition since August 27, when associated wallets purchased approximately $23.2 million.
The blockchain figure, however, should not be confused with BHYP’s official assets under management. Bitwise’s own September 3 disclosure shows the fund holding 2,456,534.45 HYPE with a market value of $208.94 million. Net assets stood at $208.93 million, substantially above Arkham’s $166.3 million cumulative-purchase estimate.
BHYP Builds Lead Among HYPE Funds
Bitwise launched BHYP on May 14, giving U.S. brokerage investors direct economic exposure to HYPE without requiring them to hold the token themselves or manage a crypto wallet. The product trades on NYSE Arca and charges a 0.34% sponsor fee. BHYP had 4.37 million shares outstanding as of September 3. Its structure also differentiates it from many conventional spot crypto products through staking. Bitwise targets 70% of the trust’s HYPE holdings for staking through its infrastructure, with the remaining 30% forming a liquidity reserve.
As of September 4, Bitwise reported that exactly 70% of assets were staked. The fund displayed a 2.25% gross staking reward rate and 1.18% net reward rate, although both are variable and are not guaranteed investment returns. Anchorage Digital Bank serves as BHYP’s digital-asset custodian, while Bank of New York Mellon acts as administrator. Arkham’s designation of BHYP as the largest HYPE ETF reflects wallet addresses attributed to competing investment products rather than audited comparisons of fund NAVs. That distinction matters because blockchain wallet values can differ from official fund assets due to settlement timing, staking, custody movements, cash balances and liabilities.
ETFs Add Another Source of HYPE Demand
BHYP’s growth provides HYPE with a new source of demand alongside the token’s existing protocol-driven economics. Hyperliquid already directs nearly all of its trading revenue toward HYPE purchases through its Assistance Fund, linking network activity with recurring token demand. ETF accumulation is fundamentally different. BHYP purchases ultimately reflect the mechanics of an investment product responding to investor creations, redemptions and liquidity requirements rather than protocol revenue. Bitwise also intends to use 10% of BHYP’s management fees to purchase HYPE for its own corporate balance sheet. Those purchases are separate from assets belonging to the ETF and should not be counted as BHYP holdings.
The fund has benefited from a strong period for HYPE itself. Bitwise reported an 88.26% cumulative NAV return from inception through August 30, although the short operating history and HYPE’s volatility make that performance an unreliable guide to future returns. The widening gap between Arkham’s $166.3 million purchase estimate and Bitwise’s $208.94 million official holdings value also illustrates an important limitation of onchain ETF tracking. Blockchain analytics can reveal token movements almost immediately, but labeled-wallet activity does not provide the same accounting picture as a fund’s official holdings disclosure. Bitwise even notes that its published onchain holdings can lag reported fund holdings by one business day because of T+1 settlement. What the two datasets agree on is the broader conclusion: BHYP has accumulated a substantial HYPE position less than four months after launch. With approximately 2.46 million HYPE officially held by the trust, Bitwise has turned its new ETF into a significant institutional holder of the Hyperliquid token and an increasingly visible source of demand in its market.