According to ChainCatcher, data tracked by on-chain analytics firm Lookonchain shows that two wallets associated with Grayscale purchased and immediately staked 510,387 HYPE tokens, with a total value of approximately $24.95 million.
This move comes as Grayscale pushes forward with its HYPE spot investment product. The company filed its initial S-1 registration statement in January 2026 and amended the document on May 11 to include direct network staking terms, with plans to list on Nasdaq under the ticker symbol HYPG.
Custody is handled by Coinbase Custody for underlying token security, while BNY Mellon provides administrative and operational support. Large-scale institutional purchases and staking reduced the circulating supply, pushing the HYPE spot price near its all-time high on May 20th. The product's final listing still depends on approval from federal securities regulators.
