Grayscale Joins Race to Launch Hyperliquid ETF

Grayscale has filed with the U.S. Securities and Exchange Commission to launch the Grayscale HYPE ETF, a proposed spot exchange-traded fund tied to Hyperliquid’s native token, HYPE. 

If approved, the fund would trade on Nasdaq under the ticker GHYP and would give investors listed market access to the token without holding it directly.

Meanwhile, the filing adds Grayscale to a growing list of firms seeking investment products linked to Hyperliquid, a blockchain focused on decentralized perpetual futures trading. The move also comes as crypto ETF issuers continue to expand beyond Bitcoin and Ether into newer digital assets.

Grayscale’s S-1 filing said the proposed fund would track the price of HYPE. The company named Coinbase Custody as custodian and said it would use CoinDesk benchmark pricing data for valuation. The filing did not disclose a management fee.

The application places Grayscale alongside other issuers already pursuing similar products. Bitwise and 21Shares filed for Hyperliquid-linked funds earlier, showing that asset managers are starting to test investor demand for exchange-traded products tied to newer crypto tokens.

Filing includes possible future staking option

The filing said staking is not allowed for the fund at launch. It also noted a “Staking Condition” that could be satisfied later, which may allow the product to add staking in the future.

That part of the filing follows a broader trend in crypto ETFs. Fund issuers have shown interest in adding staking rewards, but U.S. regulators have moved more slowly on that issue than on basic spot fund approvals. Grayscale said it may consider staking later if conditions permit.

Moreover, Hyperliquid has become one of the best-known platforms in decentralized perpetual futures trading. Market data cited in the report said the network remains the largest onchain venue for perps, even as new competitors entered the market in 2025.

Weekly trading volume on Hyperliquid has ranged from about $40 billion to $100 billion this year, according to DeFiLlama data cited in the report. While volumes have cooled from earlier peaks, the platform remains ahead of rivals such as Aster, Lighter, and edgeX.

Broader ETF push expands beyond major tokens

The Grayscale filing comes during a period of wider crypto ETF activity in the United States. Under SEC Chair Paul Atkins, the agency has approved a broader set of crypto-related funds, though rules around staking remain less clear.

Hyperliquid is still not available to U.S. users on its core platform, but its profile has grown as more firms watch decentralized trading infrastructure.