Grayscale filed the S-1 for a spot HYPE ETF three weeks ago — adding it to the "consideration list" now is just catching the paperwork up to the product pipeline. PENDLE making the financials cut alongside Hyperliquid and Ethena is a deliberate play: yield tokenization is the closest DeFi primitive to TradFi interest rate derivatives, and that's exactly the kind of institutional pitch Grayscale knows how to package. Four competing HYPE ETF filings (Grayscale, Bitwise, 21Shares, VanEck) in under a month — that's the altcoin ETF race that actually has legs right now.

Top comment by @Benthic