Grayscale Adds HYPE, TON, TRX to Watchlist in Q2 Crypto Update

Grayscale has updated its assets-under-consideration page to include Hyperliquid (HYPE), Toncoin (TON), and Tron (TRX) as potential investment products. This move is significant, as it represents one of the clearest public signals of institutional-grade evaluation for a given token.

The inclusion of these tokens on Grayscale's watchlist suggests that the firm is tracking a broader set of smart contract platforms beyond Ethereum and Solana. Both TON and TRX represent large, active ecosystems with distinct user demographics, particularly in messaging (TON via Telegram) and high-throughput transactions (TRX).

The combination of watchlist presence and an active S-1 for HYPE puts it in a different category than the other additions. The protocol has generated significant fees over the past 30 days, indicating strong demand and use case.