Grayscale-linked wallets scooped up 115,733 HYPE tokens, worth approximately $6.65 million, in the span of a single hour on May 21. Over the preceding week, two wallets associated with Grayscale purchased a total of roughly 682,190 HYPE tokens valued at around $34.9 million, according to on-chain data tracked by Lookonchain. A portion of those holdings were staked shortly after acquisition.
What’s behind the buying spree
Grayscale filed an S-1 registration with the SEC on March 20 for a spot HYPE ETF, proposing to list it under the ticker GHYP on Nasdaq. These on-chain purchases look a lot like a fund manager building its underlying position before a product goes live.
In May, Grayscale amended its HYPE ETF filing to designate Anchorage Digital Bank as the primary custodian. Anchorage is a federally chartered digital asset bank.
On April 10, HYPE appeared on Grayscale’s published list of assets under consideration for future investment products. Roughly six weeks later, wallets tied to the firm were accumulating the token at millions of dollars per hour.
