Digital asset manager Grayscale has filed for a spot Hyperliquid exchange-traded fund with the Securities and Exchange Commission. The proposed Grayscale HYPE ETF would track the price of the Hyperliquid token and trade under the ticker GHYP on the Nasdaq, joining applications from Bitwise and 21Shares. Unlike Bitwise’s filing, Grayscale’s initial proposal does not incorporate staking rewards, though the firm indicated it may consider adding the feature in the future.
Crypto asset manager Grayscale has filed for a spot Hyperliquid exchange-traded fund, joining Bitwise and 21Shares in seeking to offer a product tied to the Hyperliquid perpetual futures protocol and blockchain. The Grayscale HYPE ETF would track the price movement of the Hyperliquid token and trade under the ticker GHYP on the Nasdaq if approved, according to Grayscale’s S1 registration statement filed on Friday.
Grayscale listed Coinbase as the custodian but did not disclose a management fee for the proposed product. The filing comes as Hyperliquid continues to be integrated by crypto platforms and increasingly relied on by traditional finance when traditional markets are closed.
Grayscale said it may consider incorporating staking rewards into its Hyperliquid ETF at a later date, provided certain conditions are met. Staking would enable GHYP investors to earn yield on top of potential price appreciation from the HYPE token. Bitwise filed for its Hyperliquid ETF in September and amended it in December to include staking, while 21Shares also contemplated incorporating staking at a later date in its October filing.
While trading volume on Hyperliquid has cooled from its August highs, it continues to see between $40 billion and $100 billion in weekly volume. This maintains its position as the most traded perpetual futures platform, data shows.
Several competitor platforms like Aster, Lighter and edgeX emerged in 2025, eating into Hyperliquid’s dominance. Total weekly perpetuals trading volume has been hovering between the $125 billion and $300 billion mark this year, more than double the volumes seen a year ago.
