Bitwise HYPE ETF adds $10.5 million after four‑day pause

Bitwise’s Hyperliquid‑linked exchange‑traded fund (BHYP) resumed buying the HYPE token on September 4 after a four‑day stretch with no tracked purchases. Blockchain intelligence platform Arkham identified wallets associated with the fund acquiring roughly $10.5 million worth of HYPE.

Recent purchase activity

The $10.5 million acquisition is the largest tracked purchase since the fund bought $23.2 million of HYPE on August 27. Arkham’s on‑chain attribution shows that BHYP‑linked addresses have accumulated about $166.3 million in HYPE since the product launched in May.

Fund structure and custody

BHYP is listed on NYSE Arca as a Delaware statutory trust that holds HYPE directly, not derivatives. Anchorage Digital Bank serves as the custodian, and the trust aims to stake roughly 70 % of its holdings. Staking rewards were reported at a 2.25 % gross rate (1.18 % net) in early September.

Interpretation of on‑chain data

Arkham’s figures are third‑party estimates based on address labeling. They reflect token movements to or from wallets identified as fund‑related, but they do not disclose the commercial purpose of each transfer. Consequently, the $10.5 million move should not be read as a single investor buying that amount of fund shares; it may represent net share creation, liquidity management, or settlement activity.

Broader HYPE demand

ETF purchases are one component of overall HYPE demand. Hyperliquid’s protocol also buys HYPE using trading‑fee revenue, and Bitwise has pledged to use 10 % of its management fees to purchase HYPE for its corporate balance sheet. These activities are separate from the ETF’s holdings.

What to watch

• Future SEC filings for official net asset value and share counts.
• Updates from Arkham on address attribution.
• Staking reward rates, which can change over time.