A wallet identified by on-chain analyst Ember as the largest institutional holder of HYPE linked to a16z has continued buying and staking the token. Over the past two days, the entity reportedly spent 36 million USDC to acquire 441,000 HYPE at an average price of $81.6, then staked the entire amount. Purchases are still ongoing, with another 12 million USDC transferred in for additional buys. The wallet’s total staked HYPE holdings now stand at 4.826 million tokens, worth about $404 million, with an average entry price of roughly $66.1 and an unrealized profit of about $84.9 million.