Grayscale has officially filed for HYPE ETF approval. What makes this notable is the timing—HYPE would become the newest asset class Grayscale has ever created an ETF or trust product around. The company's track record tells an interesting story. Historically, Grayscale has taken a cautious approach, typically waiting years before launching products for new assets. Look back at their previous listings: most sat in the market for 3 to 10+ years before Grayscale decided to roll out dedicated investment vehicles. This aggressive move signals something worth paying attention to—either confidence in the asset's maturation or a shift in how the firm evaluates market readiness. Either way, it breaks from their established playbook.