Grayscale filed an S-1 registration statement with the SEC on March 20 to launch a spot exchange-traded fund for the Hyperliquid (HYPE) token. The proposed fund would trade on Nasdaq under the ticker GHYP, with Coinbase listed as custodian. No management fee has been disclosed.

Three-Way ETF Race

Grayscale is the third major crypto asset manager to file for a HYPE ETF. Bitwise filed first, in September 2025, and amended its application in December to include staking. 21Shares followed in October 2025 — the firm already operates a HYPE ETP in Europe with a 2.5% expense ratio. All three products contemplate incorporating staking rewards at a later stage, offering investors potential yield on top of price exposure.

Why Hyperliquid

Hyperliquid continues to dominate the decentralized perpetual futures market with weekly trading volume between $40 billion and $100 billion, according to DeFiLlama. The platform generated $1.6 million in fees in a single 24-hour window — more than four times the revenue of BNB Chain for the same period. Its appeal extends beyond crypto: Hyperliquid now offers 24/7 perpetual contracts on oil, gold, and the S&P 500, attracting traders who want access to traditional assets outside exchange hours.

What's Next

The GHYP filing joins a small but growing list of non-Bitcoin, non-Ethereum spot ETFs in the SEC pipeline. Approval timelines remain uncertain, but the convergence of three competing filings signals that institutional demand for HYPE exposure is real enough to back with regulatory bets. HYPE was trading near $40 at the time of filing, well below the $150 price target Arthur Hayes outlined earlier in March.