Grayscale has filed an S-1 registration with the U.S. Securities and Exchange Commission to launch a spot Hyperliquid ETF that would list on Nasdaq under the ticker GHYP if approved. The filing says the fund would use Coinbase Custody for safekeeping and rely on CoinDesk’s benchmark index for pricing.
The registration notes that native staking of HYPE is not currently permitted, but includes a ‘Staking Condition’ that would allow Grayscale to enable staking in the future. If activated, staking could let GHYP investors earn yield in addition to potential 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 new entrants in 2025—Aster, Lighter and edgeX—have taken some share. Those competitors’ weekly volumes remain far below Hyperliquid’s.
Grayscale’s S-1 is the initial regulatory step. Before the ETF can launch, Nasdaq must file a Form 19b-4 and the SEC must approve the listing. The SEC is now chaired by Paul Atkins, who is viewed as pro-crypto and has advanced approvals for several crypto-focused funds; by contrast, approvals involving staking rewards have moved more slowly.
Grayscale follows earlier Hyperliquid ETF registration filings from 21Shares and Bitwise late last year, signaling growing institutional interest in exposure beyond Bitcoin and Ether. According to CoinGecko, HYPE last traded around $39, down about 1.1% on the day but up roughly 35.6% over the past 30 days.