Grayscale is in negotiations to secure approximately $115 million in HYPE tokens as seed capital for a proposed Hyperliquid exchange-traded fund, signaling growing institutional appetite for the decentralized exchange's native token. The move follows 21Shares and Bitwise Investments, which earlier this month became the first firms to launch HYPE-based ETFs, setting a competitive precedent in the emerging product category. A successful seed investment would provide the liquidity foundation needed to bring Grayscale's fund to market. Hyperliquid has attracted significant attention in the DeFi space for its high-performance on-chain perpetuals exchange, and the rush by major asset managers to offer HYPE exposure through regulated vehicles underscores the token's rapid ascent among institutional investors.
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