Grayscale Snaps Up $24.95M in $HYPE and Stakes It — ETF Filing Already in Motion!

Grayscale has made a significant on-chain move into Hyperliquid's native token, with two wallets linked to the asset manager accumulating 510,387 HYPE tokens — worth approximately $24.95 million — over the past week, and staking the entire position.

The purchase doesn't come out of nowhere. Grayscale filed an S-1 registration statement for a HYPE ETF back in January, signalling that the firm has been building conviction in the asset well ahead of any product launch. The staking of the acquired tokens suggests this is a long-duration, yield-generating position rather than a short-term speculative allocation.

For the broader market, the combination of an active S-1 filing and a verifiable on-chain accumulation of this size is a meaningful institutional endorsement of Hyperliquid. It follows the playbook Grayscale has used with other digital assets: build the trust product, accumulate…