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Crypto asset supervisor Grayscale has filed to launch a spot Hyperliquid ETF, becoming a member of Bitwise and 21Shares in pursuing a fund linked to the Hyperliquid perpetual futures protocol and its underlying blockchain.
Based on its S-1 registration assertion filed with the U.S. Securities and Change Fee (SEC) on Friday, the Grayscale HYPE ETF would listing on the Nasdaq below the ticker GHYP if authorized. Just like its different merchandise, the fund would depend on Coinbase Custody for asset safekeeping and use pricing knowledge from CoinDesk’s benchmark index.
Grayscale’s submitting comes as Hyperliquid beneficial properties wider adoption throughout crypto platforms and attracts rising curiosity from conventional finance gamers, significantly for its potential to supply 24/7 buying and selling of tokenized real-world property corresponding to oil and gold—even when typical markets are closed.
The submitting additionally states that staking of HYPE is just not presently allowed, though it features a “Staking Situation” that might allow it at a later stage. If enabled, staking would enable GHYP buyers to generate yield along with any beneficial properties from HYPE’s worth appreciation.
Hyperliquid is a high-performance Layer 1 blockchain designed for decentralized perpetual futures buying and selling. Based on DeFiLlama, it presently ranks as the biggest on-chain venue for perpetual contracts. In 2025, new rivals corresponding to Aster, Lighter, and edgeX entered the market, barely lowering Hyperliquid’s market share, but their weekly buying and selling volumes stay far under Hyperliquid’s ranges.
 
Grayscale’s Kind S-1 registration marks the preliminary step towards launching a spot HYPE ETF. The plan, nevertheless, can not proceed till Nasdaq submits a corresponding 19b-4 type and receives an SEC greenlight.
The U.S. Securities and Change Fee, now chaired by pro-crypto Paul Atkins, has superior approval for quite a lot of crypto-focused funds, although the rollout of staking rewards has progressed extra slowly.
Grayscale is just not the primary to suggest a HYPE fund. Different main ETF suppliers, together with 21Shares and Bitwise, submitted their very own filings late final 12 months, indicating that asset managers are quickly growing merchandise to offer publicity to HYPE, as institutional curiosity expands past Bitcoin and Ether.
Value motion has mirrored this momentum, with HYPE final buying and selling round $39—down about 1.1% on the day however nonetheless up roughly 35.6% over the previous 30 days, in response to CoinGecko.
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