Grayscale has filed an S-1 registration form with the SEC for a new exchange-traded fund based on the HYPE token, a digital asset from the decentralized finance platform Hyperliquid. The proposed GHYP ETF aims to provide traditional investors with exposure to DeFi growth through a regulated product, with Coinbase serving as the custodian for the fund’s assets.
Asset manager Grayscale has moved to diversify its exchange-traded fund offerings beyond major cryptocurrencies. The firm filed an S-1 registration statement for the HYPE ETF, which would track the price of the HYPE token from the Hyperliquid DeFi platform.
The HYPE token powers the Hyperliquid platform, which facilitates on-chain perpetual trading. The platform has reportedly captured over 50% of the total value locked in its sector, noted for fast trade execution and high leverage.
Coinbase has been named as the custodian for the proposed ETF, managing assets on behalf of investors. This partnership is intended to provide a layer of security and trust for participants accessing the market through conventional financial routes.
Grayscale is betting on HYPE’s growth trajectory to attract traditional investors seeking DeFi exposure. Other firms like Bitwise and 21Shares are also reportedly developing DeFi-focused ETF products.
The filing represents a step toward bringing decentralized finance closer to mainstream financial markets. The ETF remains in an early stage and requires regulatory approval before it can be launched to investors.
