The reported seed investment would be made in HYPE, the token associated with Hyperliquid, according to the source text.
Grayscale’s Hyperliquid ETF is negotiating a seed investment of roughly $115 million in HYPE tokens, according to the source text. A seed investment typically provides the initial capital needed to help launch an investment product and can support early market making and operational setup. The source does not provide further details on the structure, timing, counterparties, or regulatory status of the proposed investment.