Grayscale on March 20 filed a preliminary Form S-1 with the U.S. Securities and Exchange Commission (SEC) for the Grayscale HYPE ETF, a proposed product designed to track the price of HYPE, the native asset of the Hyperliquid network.

The move follows the firm’s January registration of the Grayscale HYPE Trust in Delaware and places it alongside Bitwise and 21shares, both of which have already submitted filings tied to the Hyperliquid project and native token.

Grayscale’s approach is straightforward. The ETF is structured as a passive grantor trust that holds HYPE directly, aiming to mirror the token’s price without leverage or derivatives exposure.

The product would list on Nasdaq under the ticker GHYP, with Coinbase Custody serving as custodian and Bank of New York Mellon handling administrative duties.

Net asset value would be calculated daily using the Coindesk Hyperliquid Benchmark Extended Rate, with pricing locked at 4 p.m. New York time.

Unlike some competing filings, staking is not currently included. Grayscale notes staking could be introduced later if tax conditions allow, but for now, the trust will operate without it.

Hyperliquid itself has carved out a distinct role inside decentralized finance (DeFi). Built as a purpose-driven layer one (L1) chain, it focuses on fully onchain perpetual futures trading with order books that behave more like centralized exchanges.

The network combines its HyperCore trading engine with an EVM-compatible environment, allowing developers to build applications while traders access deep liquidity and high-speed execution.

Data cited in filings shows Hyperliquid routinely handles billions in daily volume, with open interest in the multi-billion-dollar range and a meaningful share of decentralized perpetuals trading.

HYPE plays multiple roles across the system, including governance and staking, while also capturing value from trading fees through buyback and burn mechanisms that reduce supply over time.

Still, the structure carries familiar risks. The filing points to price swings, regulatory uncertainty, wallet concentration and network-level threats, along with the possibility that HYPE could be classified as a security, which could disrupt the product entirely.

For now, the application remains in its early stage. Approval would require both SEC effectiveness and exchange rule clearance, a process that could stretch months without any guarantee of launch.

If it clears, the fund would mark yet another step in Wall Street’s expansion beyond bitcoin and ethereum, moving deeper into DeFi-native infrastructure where trading activity, not just narrative, is doing the heavy lifting.

• What is the Grayscale HYPE ETF?
  A proposed spot ETF designed to track the price of Hyperliquid’s HYPE token.
• What does Hyperliquid do?
  It operates a high-speed Layer 1 blockchain focused on onchain perpetual futures trading.
• Will the ETF include staking rewards?
  Not initially, though staking may be added later if conditions allow.
• When could the ETF launch?
  There is no set date, as it requires SEC approval and exchange clearance.

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