TL;DR: Grayscale has added BitGo Bank & Trust as an additional custodian for a portion of the HYPE held by its Hyperliquid Staking ETF. The SEC filing shows how increasingly complex altcoin and staking products are building institutional custody structures around assets that once traded almost entirely inside crypto-native venues.
David Schamis rejected claims that Hyperliquid Labs' reported $320 million OTC transaction involved PURR.
HYPE received six selections, SOL five and ZEC three in a 10-model exercise that produced forecasts rather than verified market outcomes.
Hyperliquid Labs has confirmed its registered headquarters in Singapore, where its roughly 11-person team moved in 2024, while the country's regulator has said it is unaware of the platform being regulated in any major jurisdiction.
The transfers represent half of a 3.75 million HYPE over-the-counter allocation following a seven-day unstaking process.
Hyperliquid's unregulated status in Singapore highlights the challenges and risks in the evolving decentralized finance landscape. Hyperliquid confirms Singapore base, but MAS says it is not the regulator.
The team has sent 1.875 million HYPE tokens to five wallets, with each receiving 375,000 tokens.
The listing displays five shortened wallet addresses and labels each as an over-the-counter buyer.
Singapore's rules distinguish crypto derivatives offered on approved exchanges from those offered elsewhere, raising questions about how they apply to the decentralized venue.
Jake Chervinsky said major exchanges could adopt public-blockchain infrastructure within 10 years as Payward develops a proposed U.S. perpetual-futures market through Hyperliquid.
Hyperliquid Policy Center CEO Jake Chervinsky says every major exchange may need public blockchain infrastructure within a decade to remain competitive as market architecture evolves. He views Hyperliquid as underlying infrastructure rather than a direct exchange competitor, with regulated firms able to build customer-facing products on top.
The Hyperliquid development team completed the redemption seven days after requesting the tokens be unstaked.