Bitwise Asset Management will allocate 10% of management fees from its Hyperliquid ETF (BHYP) to purchase HYPE tokens for its balance sheet, the firm said. The move comes as HYPE prices have climbed to near $50, though they're still roughly 20% below the all-time high of around $59. Separately, Galaxy Digital's stock fell nearly 6% on Monday to about $27.87, even as the firm secured a BitLicense and a money transmission license from the New York State Department of Financial Services for its GalaxyOne Prime NY entity.
Bitwise to back HYPE with ETF fees
The Hyperliquid ETF, ticker BHYP, gives investors indirect exposure to HYPE tokens and staking rewards. Bitwise plans to use 10% of the fund's management fees to buy HYPE and hold it on the firm's own books. HYPE tokens recently traded around $46, up from recent lows but still well below the peak of $59. The ETF structure allows Bitwise to generate staking income while offering a regulated product.
Galaxy Digital stock dips amid license win
Galaxy Digital's stock dropped nearly 6% Monday, landing at roughly $27.87. The decline came the same day the New York State Department of Financial Services granted GalaxyOne Prime NY both a BitLicense and a Money Transmission License. Galaxy CEO Mike Novogratz said New York has the deepest pool of institutional capital and that digital assets are no longer on the periphery of allocations. The license approval lets Galaxy operate a wider suite of services for institutional clients in New York.
Bitcoin slide adds to market pressure
The week opened with turbulence across crypto markets. Bitcoin fell about 6% over the past seven days, weighing on sentiment. The broader selloff has kept HYPE from reclaiming its highs, and Galaxy's stock hasn't found a bid from the NYDFS news. For now, HYPE tokens remain roughly 20% below their all-time high, and GalaxyOne Prime NY's license approval hasn't yet reversed the stock's slide.
