Hyperliquid HYPE token surges as Bitwise ETF launches and Coinbase becomes USDC treasury deployer

Bitwise Asset Management introduced a US‑listed spot ETF (ticker BHYP) that provides direct exposure to Hyperliquid’s native token HYPE, charging a 0.34% sponsor fee waived for the first month on up to $500 million of assets. Around the same time, 21Shares released its THYP ETF, and both products together have drawn several million dollars of inflows, prompting significant institutional accumulation, including roughly $67 million of HYPE bought by a16z‑linked wallets.

Coinbase announced it will serve as the official treasury deployer of USDC on Hyperliquid, supporting a phased transition from the platform’s native USDH stablecoin to USDC. The move is expected to improve liquidity and attract further institutional interest; USDC supply on Hyperliquid is already near $5 billion.

Following these developments, HYPE’s price rose between 6 % and 23 % in a single day, reaching $45‑$47, its highest level since October 2025. Trading volume spiked more than 200 % to over $850 million in 24 hours, underpinning the rally.

Concurrently, legacy exchange operators CME Group and ICE have lobbied the CFTC and Congress to impose federal oversight on Hyperliquid, citing manipulation and sanctions‑risk concerns related to its anonymous, 24/7 perpetual futures, especially in oil markets. Hyperliquid’s Policy Center countered that the platform’s public blockchain transactions are fully transparent and pose no greater risk than traditional venues. No regulatory action has been taken yet.