Grayscale Joins Race to Launch Hyperliquid ETF

Grayscale 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 give investors listed market access to the token without holding it directly.

The filing named Coinbase Custody as custodian and said it would use CoinDesk benchmark pricing data for valuation; it did not disclose a management fee. The application adds Grayscale to a growing list of firms seeking products linked to Hyperliquid, with Bitwise and 21Shares having filed for similar funds earlier.

The move comes as crypto ETF issuers expand beyond Bitcoin and Ether into newer digital assets. Staking will not be allowed at launch, the filing said, but it included a "Staking Condition" that could be satisfied later and allow the product to add staking in the future.

United States

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