Crypto asset manager Grayscale has officially filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) for a spot Hyperliquid exchange-traded fund (ETF). This move positions Grayscale alongside competitors Bitwise and 21Shares in the race to offer products tied to the Hyperliquid perpetual futures protocol.
ETF Details
If approved, the Grayscale HYPE ETF will trade under the ticker GHYP on the Nasdaq. The filing names Coinbase as the designated custodian for the fund. While the company has not yet disclosed a management fee, the filing outlines the fund's primary objective: tracking the price movement of the Hyperliquid (HYPE) token.
Staking Considerations
Unlike Bitwise, which amended its filing in December to include staking capabilities, Grayscale has opted not to incorporate staking at this time. However, the firm noted that it may consider integrating staking rewards in the future, provided specific conditions are met. This feature would allow GHYP investors to earn yield on their holdings in addition to potential price appreciation.
Market Context
Hyperliquid remains a dominant force in the decentralized finance (DeFi) space, particularly in perpetual futures trading. Despite cooling off from its August highs, the platform consistently records between $40 billion and $100 billion in weekly volume.
While new competitors such as Aster, Lighter, and edgeX have entered the market in 2025, Hyperliquid maintains its lead. The broader perps trading market has seen significant growth, with weekly volumes hovering between $125 billion and $300 billion—more than double the figures recorded during the same period last year.