Bitwise doubles down on HYPE

Bitcoin Depot (BTM), which operated 9,276 BTC kiosks across the U.S., filed for Chapter 11 bankruptcy this morning after revenue collapsed 49% year-over-year and swung to a $9.5 million loss. CEO Alex Holmes cited increasingly stringent state regulations and transaction limits as making the business model unsustainable. The company also faces lawsuits from Massachusetts and Iowa over alleged facilitation of crypto scams, as crypto ATM fraud hit a record $389 million in losses last year. Read more →

Bitwise is launching BHYP, a spot Hyperliquid ETF, giving investors brokerage-account exposure to one of crypto’s fastest-growing onchain derivatives venues. The fund will hold HYPE, Hyperliquid’s native token, and Bitwise says it intends to stake the holdings through its in-house staking unit. Hyperliquid has been one of the few crypto projects with real usage behind the hype, processing $2.9 trillion in trading volume in 2025 and commanding roughly 60% of global onchain derivatives open interest. Bitwise also says it will use 10% of BHYP’s management fee to buy and hold HYPE on its own balance sheet for at least 12 months. In other words, Bitwise is not just selling the HYPE trade, it’s taking a little bite of it too. Read more →

Standard Chartered is acquiring the crypto custody business of Zodia Custody, its majority-owned subsidiary, and folding it into the bank’s own digital asset infrastructure. Zodia will continue operating as a standalone software platform after the deal closes, but the custody piece is moving under the bank’s roof. The move consolidates overlapping infrastructure after Standard Chartered secured a Luxembourg crypto custody license in January 2025 and launched its own branded custody unit. The gist: big banks increasingly want custody, settlement, and tokenized-asset infrastructure closer to the core business — not sitting off to the side. Read more →

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