Grayscale Adds BONK, Hypeliquid, and 30 Other Tokens To Its New Q3 Assets List

Grayscale Research just published its Q3 2025 list of Assets Under Consideration, detailing the tokens it might include in a future investment product. Unfortunately, the firm did not explain any of its choices here.

This list consists of 31 altcoin candidates, a lower level than its last three quarterly updates. Many altcoins were either culled outright or replaced with new candidates, and asset re-categorization makes a full account even more convoluted.

Grayscale’s Assets Under Consideration List

Grayscale, one of the largest Bitcoin ETF issuers, has a diverse range of products and other business ventures. Periodically, its research arm publishes lists of promising altcoins and sector-specific investment recommendations.

The firm just released the Q3 2025 version of its “Assets Under Consideration” list, containing a chunk of useful insights:

Compared to Grayscale’s Q2 2025 list, this round of Assets Under Consideration makes several substantial changes. Whereas the previous incarnation showed interest in 40 altcoins, today’s list only includes 31.

This is fewer than both the Q1 2025 and Q4 2024 lists, showing a significantly narrowed window.

So, which altcoins seem most promising? Grayscale did a lot of trimming to make this list; for example, the Q2 version had 12 altcoins in the “Smart Contracts” category, while this one only has seven. “Utilites & Services” had 13, and this shrank to 4.

A full account of removed altcoins proceeds as follows: Babylon, Berachain, Celestia, MOVE, TRON, VeChain, Mantra, ELIZA, Immutable, Akash, FET, Arweave, Eigen Layer, Geodnet, Helium, and Sentient. Quite a lot of cuts.

Comparatively, only a handful of previous Assets Under Consideration got included in Grayscale’s current product offerings.

Granted, Grayscale made a new category for AI tokens, and a few members of the previous list now join this category. Nonetheless, there are only a few real upsets.

BONK, for example, joins the list after a week of strong performance, continuing to rise dramatically today:

Unfortunately, Grayscale did not provide any specific rationale behind this set of changes to its list. MegaETH, Monad, Lombard, Playtron, Prime Intellect, and Story (IP) have an uncertain status, as Grayscale claims that these tokens don’t fit into one of its main asset categories.

The firm provides detailed explanations in its Top 20 lists, but Assets Under Consideration always consists of raw data. It’s difficult to completely understand Grayscale’s logic for all of these alterations.