Crypto asset manager Grayscale has filed to launch a spot Hyperliquid ETF, joining Bitwise and 21Shares in pursuing a fund tied to the Hyperliquid perpetual futures protocol and its underlying blockchain. Grayscale’s Form S-1 registration with the U.S. Securities and Exchange Commission says the Grayscale HYPE ETF would list on Nasdaq under the ticker GHYP if approved. The filing indicates the fund would use Coinbase Custody for safekeeping and pricing data from CoinDesk’s benchmark index.
The filing notes that staking of HYPE is not currently allowed but includes a “Staking Condition” that could enable staking later. If enabled, staking would let GHYP investors earn yield in addition to price appreciation.
Hyperliquid is a high-performance Layer 1 blockchain focused on decentralized perpetual futures trading. DeFiLlama ranks it as the largest on-chain venue for perpetual contracts, though 2025 saw new competitors—Aster, Lighter, and edgeX—enter the market and slightly reduce its share. Those competitors’ weekly volumes remain far below Hyperliquid’s.
Grayscale’s S-1 is the initial step; the plan requires Nasdaq to file a 19b-4 and the SEC to approve the listing before the ETF can launch. The SEC, now chaired by pro-crypto Paul Atkins, has advanced approvals for various crypto-focused funds, while the rollout of staking rewards has progressed more slowly.
Grayscale is not the first to propose a HYPE fund—21Shares and Bitwise filed their own Hyperliquid ETF registrations late last year, reflecting growing institutional interest in exposure beyond Bitcoin and Ether. HYPE last traded around $39, down about 1.1% on the day but up roughly 35.6% over the past 30 days, according to CoinGecko.