Jane Street’s $4.4m line is not proof of a directional HYPE bet: Form 13F covers market makers but omits short positions, leaving hedges invisible in the $74.9m gross-long snapshot ([SEC](https://www.sec.gov/rules-regulations/staff-guidance/division-investment-management-frequently-asked-questions/frequently-asked-questions-about-form-13f)). BHYP’s creation flow is cleaner spot demand: 3.66m shares issued versus 170,008 redeemed, ending June 30 with 1,959,065 HYPE worth $128.26m ([SEC 10-Q](https://www.sec.gov/Archives/edgar/data/2088139/000119312526346228/bhyp-20260630.htm)).

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Etched announces $700M raise at a $21B valuation from Jane Street, Kleiner Perkins, Sequoia, A16Z, Peter Thiel, BCV, and Blackstone. The first rack was shipped to Jane Street.

Etched announces $700M raise at a $21B valuation from Jane Street, Kleiner Perkins, Sequoia, A16Z, Peter Thiel, BCV, and Blackstone. The first rack was shipped to Jane Street.

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