The cryptocurrency market started the week with some volatility, and Bitcoin (BTC) experienced a roughly 6% decrease in value over the last seven days. Despite this overall downturn, Hyperliquid’s token, HYPE, performed particularly well.
HYPE Jumps On Bitwise’s 10% Fee-To-Token Plan
A significant reason for the altcoin’s price increase on Monday was an announcement from Bitwise. The asset management firm stated on X (formerly Twitter) that it intends to use 10% of the fees earned from its Bitwise Hyperliquid ETF (BHYP) to purchase and hold HYPE.
Bitwise explained that their new fund lets investors benefit from HYPE tokens in two ways: through indirect ownership and by earning rewards for holding (staking) them. This approach connects the fund’s performance to the overall value of HYPE, rather than just its current price.
The token’s price increased noticeably during trading today. Currently, it’s trading around $46, close to $50, and moving towards its high from last year of around $59. If this trend continues, it could reach that peak, which is about 20% higher than its current price.
Even with the good news surrounding Hyperliquid, Galaxy Digital’s stock price actually went down on the same day.
Galaxy’s NYDFS Approval
Galaxy stock (GLXY) dropped nearly 6% on Monday, closing at around $27.87 per share. The company also announced a significant regulatory achievement earlier that day.
The company has been granted a BitLicense by New York’s financial regulator, the Department of Financial Services. This is generally seen as a positive development, suggesting more traditional financial institutions will start working with cryptocurrency companies.
Galaxy announced that its New York-based subsidiary, GalaxyOne Prime NY, has received approval from the New York Department of Financial Services in the form of both a BitLicense and a Money Transmission License.
Mike Novogratz, founder and CEO of Galaxy, stated that New York City has the largest concentration of institutional investment capital in the U.S. He highlighted that digital assets are increasingly becoming a core part of these investments, rather than an afterthought. Galaxy, he added, is well-positioned to directly serve New York’s financial institutions as demand for digital assets grows.
Featured image created with OpenArt, chart from TradingView.com
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2026-05-19 01:57