Grayscale Files for HYPE ETF as Hyperliquid Breaks Into Crypto’s Top Ten

Altcoins

Grayscale Investments filed an S-1 registration statement with the SEC on March 20 for a spot ETF tied to HYPE, the native token of the Hyperliquid network.

Key Takeaways

Grayscale filed an S-1 with the SEC on March 20 for a spot HYPE ETF (ticker: GHYP) proposed to list on Nasdaq
HYPE has climbed from under $30 in early March to ~$39.50, pushing its market cap past Cardano into the top 10
JPMorgan flagged Hyperliquid as the primary beneficiary of oil trading demand during the Iran conflict weekend, when CME markets were closed
No HYPE ETF has been approved yet; the SEC has up to 240 days to review each filing

On March 20, Grayscale submitted a Form S-1 to the SEC for the Grayscale HYPE ETF. The proposed fund would trade on Nasdaq under the ticker GHYP, with Coinbase Custody as custodian. Staking is excluded from the initial structure, though the filing leaves that door open pending regulatory clarity.

The move signals a meaningful expansion of what the firm considers institutionally viable. Grayscale spent years pushing for a spot Bitcoin ETF and eventually prevailed in January 2024. Filing for a product tied to a DeFi-native Layer 1 is a different category entirely.

The rationale isn’t hard to follow. Hyperliquid dominates the on-chain perpetual futures market on a high-performance Layer 1 purpose-built for derivatives. The broader perp DEX market surpassed $12 trillion in cumulative volume through 2025, with Hyperliquid capturing the lion’s share. For an asset manager looking for the next category to package, the numbers make a reasonable case.

Three Firms, One Race

Grayscale entered a competition already underway. 21Shares filed in October 2025 – the first to do so – under proposed ticker HPE, with a staking-inclusive structure. Bitwise followed in January 2026 with BHYPE, framing its product around institutional DeFi infrastructure exposure. None have received final SEC approval.

The regulatory context, however, has shifted. The SEC implemented streamlined listing standards in 2025 that remove the need for case-by-case token approval when an asset meets certain liquidity thresholds. HYPE’s classification as a decentralized utility commodity — similar to how Solana and XRP were reclassified last year — means the primary legal arguments have largely been resolved elsewhere. Bloomberg’s Eric Balchunas has suggested the 21Shares filing could receive a decision as early as Q3 2026, with Bitwise and Grayscale likely to follow shortly after.

Price, Positioning, and What the Charts Say

HYPE traded below $30 as recently as early March. As of March 21 it sits near $39.68, a move sufficient to push its market cap to roughly $10.2 billion and overtake Cardano for the 10th spot on CoinMarketCap. That’s not a trivial milestone for an asset with a fraction of ADA’s history.

The price action also drew a notable piece of external validation. JPMorgan published institutional research this week identifying Hyperliquid as the primary beneficiary of oil trading demand that had no traditional outlet during the Iran conflict weekend, when CME markets were closed — framing the platform as genuine alternative market infrastructure, not just a crypto-native venue. That thesis is reinforced by platform data: Hyperliquid’s recently launched S&P 500 perpetual contracts crossed $100 million in daily volume, with total platform volume consistently above $9 billion per day.

Technically, the daily chart reflects a recovery in progress. After topping near $55 in September 2025 and bottoming around $20 in late November, HYPE has been building higher lows. The 50-day SMA sits at $32.60, the 100-day at $29.09 — both now acting as support. RSI at 63.45 is elevated but not overbought, with room before 70 becomes a ceiling concern. MACD’s fast line at 2.660 sits above the signal at 2.323, histogram bars widening. Momentum is intact.

What This Means

Three ETF filings, a JPMorgan research mention, a top-ten market cap, and consistent on-chain volume in the same week is the kind of convergence that signals structural momentum rather than a news-driven spike. ETF approval — whenever it comes — would add a steady institutional buyer to a token that has, until now, been almost entirely retail and crypto-native in its ownership base. The SEC’s clock runs up to 240 days. Markets can move sharply in that window. But the institutional architecture now being built around Hyperliquid is not easily unwound. The filings are in. The research is published. The ranking is on the board.

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Author

Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.