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Wu said that on-chain analyst @0xaletheia369 posted that Hyperliquid-related digital asset treasury companies (DATs) currently hold nearly 9% of the circulating supply of HYPE, with a circulation-based market cap higher than BTC, ETH, SOL, and BNB treasury holdings. Currently, HYPE is the only DAT asset in their statistics traded with a positive mNAV, making it easier for related treasury tools to raise funds and continue absorbing supply. If the ETF is approved, the new passive funds will face a tighter circulating supply, early institutional holding structures, and existing treasury buy orders, which may provide price support.