Grayscale Files Third S-1 Amendment with SEC for HYPE ETF

Highlights: 

• Grayscale has updated its S-1 filing for its proposed HYPE ETF. 
• This will be the third time Grayscale has amended its filing within the past few months.
• James Seyfart said the frequent updates suggest that the ETF could soon be approved. 

Crypto asset management firm Grayscale has submitted another amended S-1 filing with the United States Securities and Exchange Commission (SEC) for its proposed Hyperliquid (HYPE) exchange-traded fund (ETF). The latest application will be the company’s third updated filing for the HYPE ETF. If approved for listing by the US regulators, the fund will trade under the market ticker GHYP.

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Grayscale’s Hyperliquid trust was initially formed in Delaware, specifically on January 8, 2026. Between April and May 22, the application has already undergone three amendments.

Bloomberg and ETF analyst James Seyfart confirmed the move in an X post on Friday, adding that the frequent updates suggest that the ETF could soon launch. If such happens, GHYP will become the third approved HYPE ETF to trade on the US exchanges. Moreover, other Hyperliquid funds that are already listed on American exchanges include 21Shares HYPE ETF (THYP) and Bitwise HYPE ETF (BHYP).  

NEW: @Grayscale submits another Hyperliquid ETF filing! This one is amendment #3. Ticker will be $GHYP when it launches. Have to assume we are getting closer to a launch where we'll have three hyperliquid:native ETFs on U.S. exchanges pic.twitter.com/lvrR3qbxM6

— James Seyffart (@JSeyff) May 22, 2026

Overview of Grayscale’s HYPE ETF

Like several other ETFs, Grayscale’s Hyperliquid ETF is designed to hold HYPE in custody, offering traditional investors regulated exposure to the token, which eliminates the need for wallets or blockchain interactions.

Other unique features of the proposed ETF include custodial protection of private keys by institutional providers. Traders will also benefit from traditional brokerage access via a ticker-based trading system. There are also provisions for a potential rebranding into a staking-focused structure once the SEC approves the ETF.

Grayscale Investments Sponsors, LLC will be the Trust’s Sponsor, while CSC Delaware Trust Company will serve as the Trust’s trustee. The Bank of New York Mellon will serve as the Trust’s transfer agent and also the administrator. In addition, Coinbase Inc. will be the Trust’s prime broker, while the Coinbase Custody Trust Company LLC will serve as the custodian.

HYPE’s Price Dips Significantly as Grayscale Files Third S-1 Amendment

At the time of press, HYPE’s price has dipped 5.8% in the past 24 hours. It has a market capitalization of $13.26 billion, a fully diluted valuation of roughly $53.5 billion, and a trading volume of $1.35 billion. Despite the short-term decline, other extended-period variables showed that HYPE spiked 32.6% year-to-date, 35% month-to-date, and 59.4% year-to-date. 

On Coincodex, HYPE’s supply inflation remains low at 23.89% with very low volatility at 10.3%. Despite its bullish sentiment, the “Fear & Greed Index continues to point towards fear at 28. Risk assessment shows that HYPE has less than 27% of its total supply in circulation. On the positive side, HYPE has outperformed 95% of the top 100 most valuable cryptocurrencies, including Bitcoin and Ethereum. The asset is also trading above its 200-day Simple Moving Average, with 16 profitable days in the past 30 days.  

HYPE Spot ETFs Continue to Attract Significant Inflows

The first HYPE ETF started trading on May 12, 2026. So far, the two HYPE ETFs, including 21Shares HYPE ETF (THYP) and Bitwise HYPE ETF (BHYP), have attracted only net inflows. As of May 22, HYPE ETFs attracted $10.95 million in inflows, with BHYP contributing the entire amount, while THYP had neither inflows nor outflows.

Overall, HYPE ETFs’ cumulative net inflow is $74.91 million, while the total value traded and net assets valuation sit at $84.13 million and $89.2 million, respectively. This net asset valuation represents 0.68% of HYPE’s market capitalization.

🚨 HYPE ETF DEMAND IS EXPLODING, ATTRACTING $70M SINCE LAUNCH

Spot Hyperliquid ETFs have pulled in $69.6 MILLION since launch, including a massive $25M yesterday and another $16.1M today alone.$HYPE has surged nearly 50% since the spot ETFs launched on May 12. pic.twitter.com/7YTeBM3AMc

— Coin Bureau (@coinbureau) May 22, 2026

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