Grayscale Files SEC Application for HYPE Token ETF Amid Hyperliquid's Explosive Growth

Grayscale Investments has submitted an S-1 registration statement to the U.S. Securities and Exchange Commission to launch an exchange-traded fund centered on the HYPE token, the native cryptocurrency of the fast-growing Hyperliquid network. If approved, the fund would trade on Nasdaq under the ticker symbol GHYP, positioning Grayscale alongside other asset managers racing to capitalize on Hyperliquid's rising dominance in decentralized finance.

The proposed ETF would hold HYPE tokens directly, with Grayscale noting the possibility of staking a portion of its holdings at a future date. No management fee has been disclosed in the filing. Competitors Bitwise and 21Shares have already filed similar applications, with 21Shares operating an existing HYPE exchange-traded product in European markets at a 2.5% total expense ratio.

Hyperliquid operates a high-performance decentralized exchange specializing in perpetual futures and spot markets, with a secondary layer supporting Ethereum-compatible smart contracts. Perpetual futures — derivative contracts with no expiration date — have become increasingly popular among crypto traders due to their high-leverage potential and continuous market access. Hyperliquid has expanded this model beyond digital assets, recently introducing perpetual contracts tied to traditional financial instruments such as gold, crude oil, and the S&P 500, giving traders around-the-clock exposure to global markets regardless of traditional trading hours.

This broad appeal has translated into remarkable growth. Weekly derivatives trading volume on the platform recently surpassed $50 billion, with over $6.5 billion changing hands in a single 24-hour window. The Hyperliquid chain also leads all blockchains in daily revenue, generating approximately $1.6 million in the past 24 hours, far outpacing BNB Chain and Bitcoin.

Investor sentiment around HYPE remains bullish. BitMEX co-founder Arthur Hayes has publicly projected HYPE could reach $150, citing the platform's strong fundamentals and disciplined token supply. The token currently trades near $40, up 57% year-to-date, even as Bitcoin and Ethereum have declined roughly 20% and 28%, respectively, over the same period.