Grayscale Investments has made a significant move into the cryptocurrency ETF market by filing for a HYPE ETF with the U. S. Securities and Exchange Commission (SEC). The proposed ETF aims to track the price of HYPE, the native token of the Hyperliquid network, and list on the Nasdaq under the ticker GHYP. This positions Grayscale alongside other asset managers like 21Shares and Bitwise in the race to offer investment vehicles linked to Hyperliquid.
Hyperliquid, launched in 2023, is a layer-one blockchain focused on enhancing decentralized finance (DeFi) efficiency. Its native token, HYPE, debuted in 2024 and has since gained traction, reaching a market capitalization of $10.23 billion and ranking as the world's tenth-largest cryptocurrency. Hyperliquid facilitates direct perpetual futures trading, eliminating gas fees. The S&P 500 Dow Jones Indices recently licensed the S&P 500 index to Hyperliquid-based Trade. xyz for perpetual contracts on the DEX.
The Grayscale HYPE ETF is structured as a passive grantor trust holding HYPE directly, aiming to mirror the token's price without leverage or derivatives exposure. Coinbase Custody is named as the custodian, with Bank of New York Mellon handling administrative duties. While the fund may incorporate staking rewards in the future, it will initially operate without them. The maximum supply of HYPE is one billion, with approximately 299 million in circulation as of December 31, 2025.
The SEC, under Chairman Paul Atkins, has been approving crypto-related ETFs, aligning with President Donald Trump's pro-crypto agenda. If approved, the GHYP ETF would provide traditional investors exposure to the Hyperliquid ecosystem without directly interacting with crypto infrastructure. HYPE was last trading at around $39.44, up 38.29% over the past month.
