Grayscale Files S-1 for Hyperliquid ETF as Race for HYPE Exposure Heats Up
🕑 3 min read
A company that manages crypto assets has put in a request to list a new kind of investment fund on the Nasdaq stock exchange. This fund, called a spot HYPE ETF, would be traded under the symbol GHYP.
Grayscale Investments, the Digital Currency Group subsidiary managing roughly $35 billion in digital assets, filed a Form S-1 registration statement on March 20, 2026, for a proposed spot exchange-traded fund tracking Hyperliquid’s native HYPE token.
The fund is set to be listed on the Nasdaq stock exchange, where it will trade under the ticker symbol GHYP, but only if it gets approval from regulators. Coinbase Custody will be the main guardian of the assets, and CoinDesk Benchmark pricing data will be used to determine the daily net asset value.
What’s in the Filing
The fund’s S-1 filing doesn’t mention a management fee. Grayscale pointed out that staking is not allowed for the fund at this time, but they added a “Staking Condition” part to the agreement, which means that rewards for staking could be included later on. This clause gives them the option to add staking rewards in the future, if they decide to do so.
This is a standard early-stage filing. The SEC still needs to approve a separate 19b-4 filing from Nasdaq before the product can start being traded. It usually takes a few months.
Grayscale Is Late to the Party
Grayscale is not the first to move on a Hyperliquid ETF. Bitwise filed for its own HYPE product back in September 2025. They made some changes to the filing back in December and finally settled on the ticker BHYP, which is listed on NYSE Arca, and it comes with an annual management fee of 0.67%. 21Shares has also entered the race.
The way things are shaping up in the market really shows how quickly Hyperliquid has grown. This exchange for perpetual futures, which isn’t controlled by any one group, has made a big impact and has become one of the most actively traded platforms in crypto, consistently ranking among the top three by daily volume. HYPE itself surged over 400% in 2025 before consolidating in early 2026.
Why It Matters
The filing signals that traditional asset managers are no longer content with Bitcoin and Ethereum exposure alone. Since the SEC and CFTC joint ruling on March 17 classified 16 crypto assets as digital commodities, the regulatory path for altcoin ETFs has become significantly clearer.
Hyperliquid sits in an interesting position. It is both an exchange infrastructure play and a token with direct utility in the platform’s governance and fee structure. We still don’t know how the digital tool will work under the new framework.
For retail investors, the appeal is straightforward: GHYP would offer exposure to one of DeFi’s fastest-growing platforms through a standard brokerage account, without the need to interact with decentralized wallets or bridges.
Market Context
The price of HYPE has dropped to around $15.40, which is about 12% lower than its peak in March when it was $17.50. This decrease is happening while the rest of the crypto market has been range-bound this week, with Bitcoin at $68,900 and Ethereum at $2,200.
The total value of assets in US cryptocurrency exchange-traded funds, or ETFs, has now gone over $120 billion. This includes funds that track Bitcoin, Ethereum, Solana, and XRP. A HYPE ETF would be among the first to offer exposure to a DeFi-native protocol through a regulated vehicle.
Please note that this information shouldn’t be considered as financial advice – it’s essential to do your own research. The data mentioned here is current up to March 22, 2026.
