Grayscale submits S-1 registration for a spot HYPE ETF under ticker GHYP, joining Bitwise, 21Shares, and VanEck in the race for the first Hyperliquid exchange-traded fund.
Grayscale Investments has filed an S-1 registration statement with the SEC for a spot Hyperliquid ETF, becoming the latest major asset manager to pursue a regulated HYPE investment product as institutional demand for DeFi exposure grows.
Grayscale submitted its S-1 filing on March 20, 2026, proposing to list the Grayscale Hyperliquid Trust as an ETF on the Nasdaq exchange under the ticker symbol GHYP. Coinbase Custody would serve as the primary custodian, with CoinDesk benchmark pricing data used for daily net asset value calculations. The filing does not disclose a management fee.
The fund would hold HYPE tokens directly but prohibits staking at launch, though it includes a "Staking Condition" clause that could allow staking rewards in the future. Grayscale joins an expanding field: Bitwise filed in September 2025 and amended its S-1 in December with a 0.67% annual fee and ticker BHYP on NYSE Arca, while 21Shares filed for a 2x leveraged HYPE product. VanEck has also announced plans for a spot-plus-staking proposal.
The filing wave signals that major asset managers view Hyperliquid as a legitimate institutional asset class, not just a DeFi trading protocol. HYPE is among the youngest tokens any major manager has filed an ETF for, reflecting the protocol's rapid rise to over $200 billion in monthly trading volume and $70 million in February network fees.
With four separate ETF applications now under SEC review, the competitive dynamic mirrors the early Bitcoin ETF race. Bitwise carries an outside decision deadline of approximately May 24, 2026, making Q2 a critical period. Any approval would create a regulated on-ramp for institutional capital into DeFi perpetuals, a category that currently lacks traditional financial products.
The SEC's timeline is the key variable. HYPE lacks CFTC-regulated futures, which both Bitcoin and Ethereum had before their ETF approvals, potentially complicating the review process. The Bitwise deadline in late May will likely serve as the first major decision point. HYPE trades near $38 with a market cap above $9 billion, down roughly 36% from its all-time high of $59.33.
Grayscale's filing adds further institutional weight to Hyperliquid's ETF prospects. With four applications now active, Q2 2026 will be a defining period for whether DeFi protocols can cross the regulatory threshold into mainstream investment products.
Hyperliquid backs a new Washington D.C. policy center with 1 million HYPE tokens worth $29M, led by crypto lawyer Jake Chervinsky, to advocate for DeFi-specific rules.
Grayscale Investments submits an S-1 registration to the SEC for a spot HYPE ETF, joining Bitwise and 21Shares in the race to bring Hyperliquid to traditional markets.
A major trader on Hyperliquid recovered from nearly $50M in unrealized losses as ETH surged above $3,100, highlighting both the risks and rewards of leveraged crypto trading.
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