Grayscale has filed with the U.S. Securities and Change Fee to launch the Grayscale HYPE ETF, a proposed spot exchange-traded fund tied to Hyperliquid’s native token, HYPE.
Abstract
- Grayscale filed for a Nasdaq-listed HYPE ETF tied to Hyperliquid’s native token worth motion.
- The proposed fund could add staking later, although it is not going to provide staking initially.
- Hyperliquid stays the most important onchain perps venue regardless of slower volumes and rising competitors from rivals.
If authorized, the fund would commerce on Nasdaq beneath the ticker GHYP and would give traders listed market entry to the token with out holding it instantly.
In the meantime, the submitting provides Grayscale to a rising checklist of companies in search of funding merchandise linked to Hyperliquid, a blockchain centered on decentralized perpetual futures buying and selling. The transfer additionally comes as crypto ETF issuers proceed to broaden past Bitcoin and Ether into newer digital belongings.
Grayscale’s S-1 submitting mentioned the proposed fund would monitor the value of HYPE. The corporate named Coinbase Custody as custodian and mentioned it will use CoinDesk benchmark pricing information for valuation. The submitting didn’t disclose a administration payment.
The appliance locations Grayscale alongside different issuers already pursuing related merchandise. Bitwise and 21Shares filed for Hyperliquid-linked funds earlier, displaying that asset managers are beginning to take a look at investor demand for exchange-traded merchandise tied to newer crypto tokens.
Submitting contains doable future staking choice
The submitting mentioned staking is just not allowed for the fund at launch. It additionally famous a “Staking Situation” that could possibly be happy later, which can enable the product so as to add staking sooner or later.
That a part of the submitting follows a broader pattern in crypto ETFs. Fund issuers have proven curiosity in including staking rewards, however U.S. regulators have moved extra slowly on that problem than on primary spot fund approvals. Grayscale mentioned it might contemplate staking later if situations allow.
Furthermore, Hyperliquid has turn into one of many best-known platforms in decentralized perpetual futures buying and selling. Market information cited within the report mentioned the community stays the most important onchain venue for perps, whilst new opponents entered the market in 2025.
Weekly buying and selling quantity on Hyperliquid has ranged from about $40 billion to $100 billion this yr, in keeping with DeFiLlama information cited within the report. Whereas volumes have cooled from earlier peaks, the platform stays forward of rivals comparable to Aster, Lighter, and edgeX.
Broader ETF push expands past main tokens
The Grayscale submitting comes throughout a interval of wider crypto ETF exercise in the US. Below SEC Chair Paul Atkins, the company has authorized a broader set of crypto-related funds, although guidelines round staking stay much less clear.
Hyperliquid remains to be not out there to U.S. customers on its core platform, however its profile has grown as extra companies watch decentralized buying and selling infrastructure.
