In an updated filing for its proposed Hyperliquid ETF, Grayscale said it is negotiating to sell shares in the fund in exchange for 2 million HYPE tokens.
Grayscale said it is discussing the potential investment with Hyper Holdings Global LP, a relatively unknown entity. The 2 million HYPE tokens were worth about $115 million as of Thursday.
Bloomberg Intelligence ETF Analyst James Seyffart flagged the mention of the possible "seed capital investment" on social media, asking the question: "Soooo, anyone know who or what 'Hyper Holdings Global LP' is?"
Grayscale's filing appears principally designed to change the name of its proposed fund from "Grayscale HYPE ETF" to "Grayscale Hyperliquid Staking ETF." The ETF's Nasdaq ticker will be HYPG.
Earlier this month, 21Shares and Bitwise Investments became the first firms to launch HYPE-based ETFs. Bolstered by significant inflows into the new funds, the HYPE token set a new record high above $60.
Shortly after launching, Bloomberg ETF Senior Analyst Eric Balchunas noted 21Shares' Hyperliquid fund (THYP) had experienced a steady increase in trading volumes, reaching levels roughly eight times its first day activity.
"The THYP Hyperliquid ETF is growing volume each day since launch ... a really good sign of organic interest," he said.
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