Grayscale Moves to Launch Hyperliquid ETF with New SEC Filing

Highlights:

• Grayscale has applied for a Hyperliquid-linked ETF product with the US SEC.
• The move is targeted towards increasing investors’ exposure to the Hyperliquid platform. 
• The asset management firm disclosed that Coinbase will serve as the custodian of its proposed ETF. 

Leading crypto asset management firm Grayscale has filed an S-1 for an exchange-traded fund (ETF) linked to Hyperliquid (HYPE) with the United States Securities and Exchange Commission (SEC). Hyperliquid, one of the fastest-growing Decentralized Exchanges (DEX), has attracted significant interest. Grayscale’s latest filing aims to create an ETF that would track the price of Hyperliquid’s token, HYPE.

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If approved, the ETF could trade on Nasdaq with the market ticker symbol “GHYP.” The product offers investors increased exposure to the Hyperliquid ecosystem via regular stock markets, without directly owning or purchasing digital assets. Aside from Grayscale, other asset management companies, including Bitwise and 21Shares, have also applied to the US SEC to launch ETF products linked to Hyperliquid.

🚨GRAYSCALE FILES FOR HYPE ETF

Grayscale has filed an S-1 with the SEC for a Hyperliquid (HYPE) ETF. It would trade on Nasdaq under the ticker 'GHYP'. pic.twitter.com/YjmjNgWFMG

— Coin Bureau (@coinbureau) March 21, 2026

Proposed Hyperliquid ETF Details

In the filing presented to the SEC, Grayscale stated that the custodian for its proposed ETF will be Coinbase, America’s largest crypto exchange. This means Coinbase will be responsible for holding the ETF’s underlying assets securely. Unlike other ETF filings, Grayscale did not specify management fee details for the new product. However, the asset management firm mentioned that it might incorporate staking rewards to the ETF in the future. 

For context, staking allows investors to earn extra income by just supporting a blockchain network. Including this feature means that investors will earn returns beyond price changes. Overall, whether staking will be included or not depends on meeting certain criteria, including the SEC approval.  

Grayscale stated:

“Subject to the Staking Condition being satisfied and subject to compliance with any additional requirements that may arise in connection with satisfaction of the Staking Condition, in the future the Sponsor may cause the Trust to stake a portion of its HYPE holdings on the proof-of-stake validation mechanism of the Hyperliquid Network to receive Staking Consideration comprising additional HYPE.”

Grayscale’s Move Forms Part of a Wider Trend Among Asset Managers

With clearer crypto rules, asset management firms are making efforts to bring crypto-based products into traditional financial markets. One proven method to achieve this goal is by rolling out regulated products such as ETFs. This makes it easier for institutional investors to participate in crypto through trusted methods. While hopes are high that the ETF could launch anytime soon, the timeline remains uncertain and depends on the SEC’s response time. 

Today we filed the initial S-1 for Grayscale HYPE ETF (ticker: $GHYP) with the @SECGov.

Read the S-1: https://t.co/3PvJKcIpVX pic.twitter.com/bpltZsAzdr

— Grayscale (@Grayscale) March 20, 2026

Before approving the product, the regulatory watchdog will critically review its structure. This includes evaluating how it handles custody and the possible addition of staking. Other aspects of interest during the review process include investor protection measures, sponsor and management credibility, underlying assets, and manipulation protection measures, among several other key areas.   

HYPE’s Price Drops Slightly as Grayscale Moves to Launch an ETF

At the time of writing, HYPE is priced at $39.54 following a 0.35% drop in the past 24 hours. Its market cap is $9.4 billion, with a 24-hour trading volume of $291.27 million. In its week-to-date, month-to-date, and year-to-date price change variables, HYPE has spiked 6.2%, 37.7%, and 173.7%, respectively. This shows that the current decline could be short-lived. 

Meanwhile, Hyperliquid has evolved into one of the leading platforms in crypto trading, especially perpetual futures. Statistics show that Hyperliquid manages between $40 billion and $100 billion each week. On DeFiLlama, Hyperliquid ranks among the top platforms, outperforming competitors such as Aster, Lighter, and edgeX.

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