Grayscale Submits Hyperliquid ETF Filing to Track HYPE Token
Grayscale has filed for a Hyperliquid exchange-traded fund with the U.S. Securities and Exchange Commission, aiming to offer investors regulated exposure to the Hyperliquid (HYPE) token. The proposed ETF would list on Nasdaq under the ticker GHYP.
The filing adds Grayscale to a tightening race that already includes Bitwise and 21Shares, both of which have submitted proposals linked to the same protocol. The push underscores a broader trend in crypto ETFs: asset managers are increasingly targeting derivatives-driven ecosystems as investor interest expands beyond spot Bitcoin and Ethereum products.
According to the filing, Coinbase would serve as custodian. Grayscale did not disclose a management fee, leaving pricing unclear for now—an approach that echoes earlier crypto ETF filings where issuers prioritized speed to market.
On-chain data from DeFiLlama shows Hyperliquid has sustained weekly trading volume of roughly $40 billion to $100 billion, maintaining its position as the leading decentralized venue for perpetual futures despite rising competition. DeFiLlama also reports that total weekly perpetual futures volume this year has ranged from about $125 billion to $300 billion, more than double year-ago levels, reflecting demand for leveraged exposure in both up and down markets.
Grayscale said staking rewards could be incorporated into the ETF later, contingent on regulatory clarity and operational readiness. Other issuers are moving in the same direction: Bitwise has amended an earlier filing to include staking, and 21Shares has indicated similar intentions. Even so, U.S. rules around staking-linked products remain unsettled.
The proposed structure is designed primarily to track HYPE's price performance rather than deliver direct participation in protocol activity or derivatives revenue. That framing could broaden access for traditional investors while keeping the product within a more conventional ETF profile.
Grayscale also highlighted Hyperliquid's expansion into tokenized real-world assets, including continuous trading for assets such as oil and gold when traditional exchanges are closed. Rivals including Aster, Lighter, and edgeX are entering the space, but Hyperliquid has continued to account for a dominant share of activity in most weeks—an indication, Grayscale argues, that network effects and ecosystem integration remain strong.
With multiple filings now tied to the same protocol, the SEC's next step will be to acknowledge the application and set a review timeline. Approval timing remains uncertain as regulators weigh digital-asset ETFs beyond Bitcoin and Ethereum.
