Bitwise Stakes $114 Million in HYPE on Hyperliquid
Summary
- Bitwise deposited 1.775 million HYPE into the Hyperliquid network and staked the entire amount, a move worth about $114 million.
- Bitwise has been actively investing in the Hyperliquid ecosystem, including by launching a spot exchange-traded fund (ETF) tied to Hyperliquid, while calling it "the most undervalued token" and a "financial super app."
- The market views the large staking move as part of spot ETF operations or a strategy to generate additional staking rewards, with potential implications for lower HYPE circulating supply and price support.
Forecast Trend Report by Period
Bitwise has deposited a large amount of capital into the Hyperliquid network, a decentralized derivatives exchange.
Lookonchain said on June 26 that Bitwise deposited 1.775 million HYPE into Hyperliquid and staked the entire amount. The tokens were worth about $114 million.
Bitwise has been stepping up its investment in the Hyperliquid ecosystem, including by launching a spot exchange-traded fund tied to Hyperliquid. Matt Hougan, the asset manager's chief investment officer, previously called Hyperliquid "the most undervalued token" and described it as a "financial super app" that extends beyond crypto derivatives to stocks and commodities.
Market participants interpret the large staking move as part of spot ETF operations or as a strategy to earn additional staking rewards. Hyperliquid rewards network participants who stake HYPE based on their contribution to validation.
Disclosure of the asset manager's direct deposit of roughly $100 million has also fueled views that the move could reduce HYPE's circulating supply and help support its price.
