Grayscale Adds BONK, Hypeliquid, and 30 Altcoins to Q3 Consideration List Amid Strategic Shift

Grayscale Research, the investment powerhouse behind one of the world’s largest Bitcoin ETFs, has just released its Q3 2025 "Assets Under Consideration" list—and it comes with a noticeably slimmer selection of altcoins. The list includes 31 tokens, among them recent breakout names like BONK and Hypeliquid, but drops nearly a dozen others from previous quarters.

While Grayscale hasn’t explained its reasoning behind the new inclusions or removals, the list reflects a significant strategic pivot in how the firm evaluates digital assets for potential product development.

A Leaner, More Selective Approach

Compared to Q2 2025, this quarter’s list is smaller and more selective, dropping from 40 altcoins to 31. That’s not just a seasonal dip—it’s the lowest number since Q3 2023 and marks a clear departure from the firm’s broader exploratory approach in previous updates.

Categories like "Smart Contracts" and "Utilities & Services" were trimmed substantially:

• Smart Contract tokens dropped from 12 to 7
• Utilities & Services shrank from 13 to just 4

Several prominent tokens were removed entirely, including:

• TRON (TRX)
• VeChain (VET)
• Celestia (TIA)
• Arweave (AR)
• FET, Babylon, Helium, Mantra, Immutable, and others

These cuts suggest a growing focus on liquidity, performance, and potential regulatory alignment—although Grayscale hasn’t shared specifics.

Newcomers: BONK and Hypeliquid Join the List

While some tokens were cut, a few new names stood out. Notably, BONK, the Solana-based meme coin that has seen sharp gains in recent weeks, was added following a strong showing in both price action and community engagement.

Hypeliquid, a newer decentralized exchange token, also made the cut, likely reflecting its growing usage metrics and attention from DeFi enthusiasts.

Other new additions, such as MegaETH, Monad, Playtron, and Prime Intellect, were added without clear categorization. Grayscale noted that some of these assets don’t currently fit into its existing asset classification framework—suggesting a watchlist approach rather than an imminent inclusion in investment products.

No Clear Explanation, Just Signals

As is standard with its "Assets Under Consideration" lists, Grayscale did not provide commentary on why certain tokens were added or removed. While the firm often offers more context in its Top 20 assets or official fund announcements, this list remains largely a raw indicator of where its research team is looking next.

However, the inclusion of a new AI token category hints at shifting priorities in the evolving crypto narrative. Artificial intelligence-related assets are clearly gaining traction—though only a few tokens from previous lists made the transition into this new bucket.

What It Means for Investors

Grayscale’s consideration list isn’t a guarantee of inclusion in any future product, but it’s often a leading indicator of institutional sentiment. Tokens that appear on this list may experience short-term speculative interest, as traders anticipate potential fund exposure or broader institutional validation.

But the reduced size of the list also sends a clear message: Grayscale is being more selective, perhaps in anticipation of tighter market conditions or stricter regulatory oversight.