Grayscale Makes Bold Entry Into Spot Hyperliquid ETF Race Alongside Bitwise and 21Shares ⋆ ZyCrypto

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Crypto asset manager Grayscale has filed to launch a spot Hyperliquid ETF, joining Bitwise and 21Shares in pursuing a fund linked to the Hyperliquid perpetual futures protocol and its underlying blockchain.

According to its S-1 registration statement filed with the U.S. Securities and Exchange Commission (SEC) on Friday, the Grayscale HYPE ETF would list on the Nasdaq under the ticker GHYP if approved. Similar to its other products, the fund would rely on Coinbase Custody for asset safekeeping and use pricing data from CoinDesk’s benchmark index.

Grayscale’s filing comes as Hyperliquid gains wider adoption across crypto platforms and draws growing interest from traditional finance players, particularly for its ability to offer 24/7 trading of tokenized real-world assets such as oil and gold—even when conventional markets are closed.

The filing also states that staking of HYPE is not currently allowed, although it includes a “Staking Condition” that could enable it at a later stage. If enabled, staking would allow GHYP investors to generate yield in addition to any gains from HYPE’s price appreciation.

Hyperliquid is a high-performance Layer 1 blockchain designed for decentralized perpetual futures trading. According to DeFiLlama, it currently ranks as the largest on-chain venue for perpetual contracts. In 2025, new competitors such as Aster, Lighter, and edgeX entered the market, slightly reducing Hyperliquid’s market share, yet their weekly trading volumes remain far below Hyperliquid’s levels.

Grayscale’s Form S-1 registration marks the initial step toward launching a spot HYPE ETF. The plan, however, cannot proceed until Nasdaq submits a corresponding 19b-4 form and receives an SEC greenlight.

The U.S. Securities and Exchange Commission, now chaired by pro-crypto Paul Atkins, has advanced approval for a variety of crypto-focused funds, though the rollout of staking rewards has progressed more slowly.

Grayscale is not the first to propose a HYPE fund. Other major ETF providers, including 21Shares and Bitwise, submitted their own filings late last year, indicating that asset managers are rapidly developing products to provide exposure to HYPE, as institutional interest expands beyond Bitcoin and Ether.

Price action has mirrored this momentum, with HYPE last trading around $39—down about 1.1% on the day but still up roughly 35.6% over the past 30 days, according to CoinGecko.