Grayscale

Celebrated a strong first half of the year at @Grayscale this week with the team that made it happen. - #1 in run-rate revenue and revenue capture across all digital asset ETPs, including Bitcoin and Ethereum¹ - Launched $HYPG, the lowest fee $HYPE ETP with day-one staking and over $100M AUM² - $BTC ranked #1 in YTD inflows among Bitcoin ETPs¹ - Brought in Steve Vanourny and @DefiSebs to strengthen our product platform and advance our onchain strategy Our business was built to weather market cycles. These market-leading results are proof of that.

¹ Source: etherscan.io/blocks as of 07/30/2026

Happy 11th Birthday, Ethereum $ETH. 11 years ago today, the genesis block was produced. Today, 25,646,248 blocks have followed¹. Ethereum transformed blockchain into programmable infrastructure, changing the industry forever.

@andyyy Source, Grayscale Research :)

Hyperliquid is cheaper on earnings per share (token) than Robinhood, Coinbase, and Circle. Bullish.

Grayscale Research believes onchain vaults may break into traditional finance. Similar to collateralized loan obligations (CLOs), vaults pool capital into managed portfolios, but are fully onchain. Today, onchain vaults hold ~$7B in total value locked (TVL), a fraction of the ~$1.5 trillion CLO market. Read more on The Stack: grayscale.com/the-stack/onch…

$HYPE trades at a forward multiple of ~15-18x. @HyperliquidX has real cash flows, so it can be valued like a stock, but on earnings per token, not earnings per share. On that basis it still looks cheap versus fintech peers like $COIN, $HOOD and $CRCL. Learn more on the Stack: grayscale.com/the-stack/hype…

See important disclosures and learn more about $ZCSH: grayscale.com/funds/grayscal… $ZCSH is speculative and entails significant risk, including the risk that an investor could lose their entire investment.

Privacy is getting an upgrade. Zcash $ZEC Ironwood network upgrade is live. The new shielded pool is formally verified, and a turnstile mechanism helps ensure supply integrity. Grayscale Zcash Trust (Ticker: $ZCSH) is the only pure $ZEC exposure available in certain U.S. brokerage accounts.

Grayscale Research: The chart reflects flow data from U.S. spot ETPs. Groupings determined by Grayscale using data from Artemis. Upward trends are driven by both inflows and market cap movements.

$HYPE ETF flows have been accelerating relative to $BTC, $ETH, $SOL, and $XRP on an asset market cap basis. ↳ $BTC has the most consistent inflows over time. ↳ $ETH had a dramatic spike. ↳ $SOL & $XRP show healthy early inflows. ↳ $HYPE is off to a stronger start than $BTC, $SOL, and $XRP at the same point in their lifecycle.

@LowBeta GStack

Read and subscribe to Grayscale's crypto research blog The Stack grayscale.com/the-stack

@CoinDesk The industry is waiting for CLARITY.

UPDATE: A new CLARITY Act draft has been released, merging the Senate Banking and Agriculture Committee versions and adding an ethics provision for the first time. A motion to proceed is expected Monday or Tuesday, with a possible floor vote the week of August 3.

In 2013, @Ripple was just a payments company. Today it spans custody, payments, native stablecoins, treasury management, and prime brokerage, all under one roof. @_JackMcDonald_, SVP at Ripple, joins Grayscale to discuss how the company is building full-stack financial infrastructure.

@therollupco Financial privacy should be accessible to everyone. Thanks for having us!

Zach Pandl says financial privacy has been in a decades-long bear market, and AI is the catalyst that ends it: "Our thesis is that's at an inflection point, driven above all by AI. That's the major technological change in our world right now, and it raises real questions about privacy and the surveillance tools coming in the next few years." "The Zcash thesis, the Zama thesis, we're just getting started, and there's potentially significant upside to some of these assets."

@chainlink Congrats Chainlink!

⬡ Chainlink’s Q2 growth: Billions secured, trillions enabled, industry-leading adoption ⬡ • $7B+ migrates to CCIP • TradFi adoption: DTCC, SIX, & more • 10 prediction markets Chainlinked • Launched Project Pangea w/ 50+ banks • Reserve totals 4.5M+ LINK • $110B secured

The Senate has 14 days to pass the CLARITY Act before summer recess. The draft text for the bill was released for the first time on July 22. Grayscale believes CLARITY could provide clearer rules for market participants and support public blockchain adoption. Policymakers and industry participants are watching closely. Read more on the Stack: grayscale.com/the-stack/clar….

Multiple chains are powering tokenization in different ways. $ETH → Home to the largest RWA market $SOL → Home to @xStocksFi $LINK → Powering @The_DTCC $AVAX → Powering Apollo's tokenized credit

The CLARITY Act can do for the industry what crypto ETFs did: unlock the next wave of adoption.

"Hyperliquid is a global, grassroots, bottom-up phenomenon." - 0 VC funding - 31% community airdrop - 100% user bootstrapped liquidity @LowBeta, Head of Research at @Grayscale, discusses how Hyperliquid breaks the mold at the HL Summit 2026.

@defisebs @PeterMintzberg Nice badge! Welcome to Grayscale 🙂

I’ve joined @Grayscale as Head of Onchain Asset Management. Finance is moving onchain. It’s a defining moment and an opportunity to build the next generation of asset management. Thank you Steve Vanourny, @PeterMintzberg, and the team for the warm welcome. Excited to get to work.