Hyperliquid (HYPE) Price: Three Asset Managers File ETF Applications as Weekly Gain Hits 21%

TLDR

• Grayscale has filed an S-1 with the SEC for a spot Hyperliquid ETF, joining Bitwise and 21Shares
• HYPE gained around 21% this week, trading in the $40–$43 range
• HYPE briefly flipped Cardano (ADA) to enter the top 10 by market cap
• BitMEX founder Arthur Hayes has set a $150 price target for HYPE by August 2026
• Hyperliquid generates around $500 million in daily trading volume, with 97% of revenue used to buy back HYPE

Grayscale has filed an S-1 registration statement with the US Securities and Exchange Commission for a spot Hyperliquid ETF. If approved, the fund would trade on Nasdaq under the ticker GHYP, with Coinbase listed as custodian. No management fee has been disclosed yet.

The filing puts Grayscale alongside Bitwise and 21Shares, both of which have already filed for similar products. Bitwise filed in September and updated its application in December to include staking. 21Shares also left the door open to staking in its October filing.

Grayscale said it may add staking to the GHYP product at a later date, though no firm plans have been announced. Staking would allow investors to earn yield on top of any price gains from holding HYPE.

ETF Race Heats Up as HYPE Climbs

The wave of ETF filings comes as HYPE has been gaining ground in the market. The token rose around 21% this week, reaching a price range of $40 to $43. That move was enough to briefly push Hyperliquid past Cardano (ADA) in market capitalization, placing it inside the top 10 for a short period.

ADA also saw gains this week, trading near $0.29, but the increase wasn’t enough to hold its position in the ranking. Crypto analyst Ali Martinez pointed to a potential buy signal for ADA, saying the token needs to hold the $0.23 support level for a recovery toward $0.32 and $0.37.

Arthur Hayes, co-founder of BitMEX, has publicly set a $150 price target for HYPE by August 2026. That would represent roughly a 5x increase from earlier levels around $30. Hayes argues that Hyperliquid’s model — where about 97% of platform revenue is used to buy back HYPE — directly ties the token’s value to real earnings.

Platform Activity Drives Demand

Hyperliquid runs a decentralized perpetual futures exchange. It handles between $40 billion and $100 billion in weekly trading volume, making it the leading platform in that category according to DeFiLlama data.

Daily volume has reached around $500 million at recent peaks. The platform is also expanding into new areas, including bringing the S&P 500 on-chain.

Several competitors including Aster, Lighter, and edgeX launched in 2025 and have taken a small share of activity, but Hyperliquid still leads by a wide margin most weeks.

Total weekly perps volume across all platforms has been running between $125 billion and $300 billion this year — more than double the levels seen at the same point a year ago.

HYPE is currently trading in the $40–$43 range following its 21% weekly gain.

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