What to know : Grayscale has filed an S-1 registration statement for the Grayscale HYPE ETF, which would hold HYPE, the native asset of the Hyperliquid network, and seek a Nasdaq listing. The Hyperliquid network has seen significant growth, with weekly derivatives trading volume exceeding $50 billion and 24-hour fee revenue of $1.6 million, making it a dominant player in the market. The increased activity has led to predictions of a potential price surge for HYPE, with Arthur Hayes suggesting it could rise to $150, and Grayscale's trust potentially staking some holdings in the future.
Grayscale has filed with the U.S. Securities and Exchange Commission (SEC) to launch a new exchange-traded fund for the HYPE token, amid the surging popularity of decentralized exchange Hyperliquid.
The Crypto asset manager's proposed fund would hold the HYPE token and be listed on Nasdaq under the ticker GHYP, according to the S-1 registration statement.
Grayscale said it may stake some holdings in the future, though it cannot do so now. The filing doesn't disclose a proposed fee. Other asset managers that have also filed for HYPE ETFs include Bitwise and 21Shares, which already operate a HYPE exchange-traded product in Europe with a 2.5% total expense ratio.
HYPE is the native token of the Hyperliquid network, which is home to the leading decentralized exchange of the same name. Its core layer handles perpetual futures and spot markets, while a second layer supports Ethereum-style smart contracts.
Perpetual futures contracts, or "perps," are derivative instruments without expiration dates that allow investors to place bets on an asset's price without owning it. Their infinite duration (perpetual futures contracts never expire, unlike traditional contracts), high-leverage options, and round-the-clock access have made them extremely popular in the crypto space.
The filing comes as Hyperliquid sees growing interest from traders betting on traditional financial assets, including oil and gold, while war rages in the Middle East. The platform has also recently added an S&P 500 perpetual contract.
In simple terms, the platform's value proposition is not just crypto trading, but also the ability to bet on traditional assets around the clock, even when most markets are closed.
The trading frenzy has seen Hyperliquid’s weekly derivatives trading volume top $50 billion, with more than $6.5 billion being traded in the past 24 hours alone, according to DeFiLlama data.
That has helped the Hyperliquid chain dominate in revenue, which stands at $1.6 million over the last 24 hours, compared to $335,000 for BNB Chain and $192,000 for the Bitcoin blockchain, according to Artemis data.
This increased activity has captured many bullish takes from crypto investors and market observers. Recently, Arthur Hayes, the co-founder of BitMEX and CIO of Maelstrom, said the platform's strong revenue, real trading activity, and disciplined token supply could take its native token, HYPE, to $150.
The token currently trades around $40 and has risen by 57% this year, while bitcoin fell about 20% and Ethereum's native token, ether, fell about 28%.
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