According to on-chain analyst Ember, Grayscale's HYPE spot ETF (ticker: HYPG) deposited 1.77 million HYPE (valued at approximately $114 million) into a staking protocol about 5 hours ago. This marks one of the first major staking actions by a HYPE ETF issuer, indicating that Grayscale is actively deploying the ETF's underlying assets to generate staking rewards for investors.
The $114 million staking deposit comes shortly after the HYPG ETF was approved and listed, underscoring Grayscale's confidence in the HYPE ecosystem and its yield mechanisms. By staking the ETF's holdings, Grayscale aims to enhance the fund's net asset value (NAV) and offer additional income streams to holders, potentially increasing the product's competitiveness against other HYPE investment vehicles.