Kraken has introduced kHYPE, a token backed one-for-one by HYPE held in segregated accounts, allowing Hyperliquid users to deploy HYPE-linked collateral in decentralized finance on Ink. Public reserve reporting is intended to allow verification of collateralization, and kHYPE redemptions carry no fee, though redeemed tokens no longer generate Kraken staking rewards. The launch adds to reports of large HYPE staking positions: Lookonchain said address 0x6436 accumulated 4.05 million HYPE valued at $322 million after buying 308,569 tokens worth $26 million on Sept. 10, while an earlier report cited address 0x8e48 holding 1.89 million HYPE worth about $159 million. HYPE ETFs hold $464.29 million in net assets and have received about $338 million of cumulative inflows, despite a $5.29 million outflow from Bitwise's BHYP fund after the late-August rally.