Huma and @Bitwise co-hosted Institutional Liquidity Dinner during @ethconf, bringing together institutional leaders, builders, and operators working at the forefront of onchain finance, PayFi, and stablecoins. The room included @0xFluid, @Tether, @Chainlink, @Turtledotxyz, @Upshift_fi, and SBI Group. One thing was clear: Institutional adoption of stablecoins for treasury, payments, and settlement has moved from conversations to execution. Conversations around digital assets has never felt more optimistic and urgent. The infrastructure for global onchain finance isn't built alone. Rooms like this are where it starts. Thank you to everyone who joined, and to the @Bitwise team for making it happen together.

There's a new class in crypto: the revenue chains. The leaders are Hyperliquid & Solana. Both do some overlapping things, and some different things. Both have exceptional communities, usage, use cases, etc. I think that both will rise together, just as iOS and Android both rode the structural adoption of mobile. In the case of the revenue chains, they are riding the wave of capital markets coming onchain. Right place, right time for both. If you are rooting for HYPE or SOL or both, success will be less about the competition between the two (healthy ofc), but rather the rise of onchain capital markets. Root for capital markets coming onchain. Love seeing crypto succeed —

Capital is rotating out of BTC and ETH ETFs and into HYPE, SOL and XRP. On CoinDesk's Public Keys at the @NYSE, @BitwiseInvest's @RasterlyRock makes the bull case for HYPE, @HypeStrat's @dschamis breaks down how leverage works in crypto trading, and @Calamos' Matt Kaufman on how protected Bitcoin ETFs let investors avoid drawdown. Watch with @JennSanasie. 00:00 Welcome to Public Keys 00:30 BTC Bounces as US-Iran Peace Talks Cool Oil Prices 01:00 SpaceX S-1 Reveals 18,712 BTC on the Balance Sheet 01:45 SEC Delays Tokenized Stocks Innovation Exemption 02:05 Kevin Warsh's First Week as Fed Chair Begins 02:30 HYPE ETFs Pull $72M, Bitwise's Ryan Rasmussen Joins 06:30 The Bull and Bear Case for Hyperliquid 11:30 Wealth Managers Move Beyond BTC and ETH 14:30 Margin Trading 101 With David Schamis 17:00 Crypto Margin vs. Equities and the Timing Trap 19:30 Trading 24/7 and the Rise of AI Agents 23:30 BTC ETFs Bleed $1.26B, Capital Rotates Into HYPE/SOL/XRP 25:30 Calamos' Matt Kaufman on Protected Bitcoin ETFs 28:30 Advisors Rotate From Spot BTC Into Protected Wrappers 30:00 The Calamos ETF Roadmap 32:30 Fear & Greed Index Sits at 34 Thank you to our sponsor @krakenfx

Grateful to announce that $BHYP is now the world’s largest HYPE ETF by AUM.* - $62.9M in AUM - Average daily volume: $19.8M - Total inflows: $56.9M - The only spot Hyperliquid ETF to stake assets in-house - The only spot Hyperliquid ETF to publish the fund’s wallet addresses - 10% of the Fund’s annual management fee will be held as HYPE on the Bitwise balance sheet** Grateful to investors for entrusting Bitwise with their assets. Hyperliquid.

In Q1, @Bitwise announced our vault curation capability. This week client assets / TVL crossed $500,000,000. Excited to be doing more onchain. onchain.bitwiseinvestments.c…

Hyperliquid was built different. As in, 99% of the blockchain’s revenue is used to buy and burn HYPE. It's a community-first model based on this idea: If the protocol succeeds, the community succeeds. In that spirit, we’re pleased to announce that Bitwise will be devoting 10% of the Bitwise Hyperliquid ETF ($BHYP) management fee to holding HYPE on the Bitwise balance sheet.* The Hyperliquid community has known from Day One that, if Hyperliquid becomes one of the most powerful and disruptive forces in finance, those who hold HYPE should play a big part in that. We’re holding HYPE.

Bitwise is heading to Miami for @consensus2026! We’ll be in the mix all week talking about institutional adoption, why staking is more important than ever, and how vaults are fast becoming the default layer for onchain capital. If you’re attending, come find us or reach out to let us know you’ll be there.

Today we are excited to announce the launch of Aven Bitcoin Card with the world’s lowest APRs and longest terms for borrowing against your BTC - with lines going upto $1MM. Since we started Aven - our mission has been to reduce the cost of capital for consumers - today we are continuing on our mission with digital assets. We’re just getting started ! youtu.be/iEvnYI1QcK8?si=rhaI…

Current home page of Morgan Stanley Investment Management… *Morgan Stanley* is now leading w/ crypto. Wild to see.

i asked 18 people at ethcc what ethereum means to them, here’s what they said in a minute 🚀

BIG: 🚨 STABLECOINS REACH $7.2T MONTHLY VOLUME, OVERTAKING U.S. ACH AND VISA

🚨PSA: Today is @TokenRelations' 2 year anniversary and the start of a new chapter. We’re rebranding our parent company to @StrataMedia_. When we launched in 2024, token issuers and crypto projects had momentum but lacked maturity. Token Relations set out to change that and bring structure, credibility, and consistency to how teams communicate with their communities and investors. At the time, even positioning ourselves around investor relations was controversial. Many teams avoided it altogether. But as the market evolved, so did the need. Some of the teams who dismissed us earlier came back to work with us under the new administration in 2025, because the environment was friendlier and they realized they needed this service. Today, Token Relations has become a stacked business with: - 130,000 subscribers across 183 countries - 8.5M total views in 2025, up 280% year-over-year - 50 leading crypto, TradFi, fintech, and VC firms subscribed to our investor updates Digital assets are a fundamental pillar of our business and we see even more opportunities to tap into as the market evolves. That is why we’re reorganizing under a new parent company to unite our work beneath a single vision as we expand. StrataMedia brings together our brands: Token Relations, @_TalkingTokens, and @TheMarketRunup. Each serves a distinct role, but together they’re linked through a new category we’re building: strategy-driven media that moves financial markets. StrataMedia is a way for investors to get smarter and a way to educate a bigger market. Our products have been viewed by millions, caused token prices to shift, and has helped educate people on what they should pay attention to. In the coming months, we’ll be rolling out more initiatives aligned with our new mission to become the central communication hub and layer across traditional and digital financial markets. Thank you to everyone who has been with us so far, we continue to look to your support as we build for the next two, four, six, eight and ten years – and beyond. With Gratitude & Excitement, Jacquelyn Melinek Founder and CEO of StrataMedia (formerly known as Token Relations)

That's a wrap on @EthCC! @hongkim__ shared how Bitwise is raising the bar for Ethereum staking. As more of the world’s largest asset managers and institutions enter the space, the need for reliable, institutional-grade infrastructure is only growing.