Grayscale Files S-1 for Hyperliquid HYPE ETF on Nasdaq
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.
Grayscale Investments has filed an S-1 registration statement with the SEC for a spot Hyperliquid ETF, proposing to list the fund on Nasdaq under the ticker GHYP. The move makes Grayscale the third major issuer to pursue a dedicated HYPE token fund.
What Happened
Grayscale submitted its S-1 filing on March 20, 2026, seeking approval for the Grayscale Hyperliquid Trust ETF. Coinbase Custody would serve as the primary custodian, and CoinDesk Benchmark pricing data would be used for daily net asset value calculations. The filing does not disclose a management fee.
The document includes a "Staking Condition" that currently prohibits staking but leaves the door open for incorporating staking rewards at a later date. Grayscale joins Bitwise, which filed for its BHYP fund on NYSE Arca in September 2025 with a 0.67% annual fee, and 21Shares, which also has a pending Hyperliquid-linked application.
Why It Matters
Hyperliquid has grown into the largest on-chain perpetual futures exchange by volume, processing roughly $191 billion in notional volume over the past 30 days. In 2025 the platform surpassed Coinbase in total perpetual volume, recording $2.6 trillion against Coinbase's $1.4 trillion.
Three competing ETF filings from major issuers signal that Wall Street views Hyperliquid as more than a DeFi niche. If approved, a spot HYPE ETF would give traditional investors direct exposure to decentralized exchange infrastructure without managing wallets or navigating on-chain protocols.
What to Watch
The SEC has not set a formal review timeline for any of the three HYPE ETF applications. Approval odds may depend on how the broader altcoin ETF pipeline progresses, including pending applications for Solana, XRP, and other tokens. The competitive fee structure between Grayscale, Bitwise, and 21Shares will also shape investor flows if multiple products launch simultaneously.
Key Takeaways
Grayscale's filing intensifies the institutional race around Hyperliquid and underscores a broader trend: DeFi protocols with real volume and revenue are increasingly attracting traditional finance products. The outcome of these ETF applications could set precedent for how regulators treat decentralized exchange tokens.
