Grayscale Files $8.6B HYPE ETF (GHYP)

Key Takeaways:

• At last Grayscale filed a S-1 of a HYPE ETF with the hopes that this product will be listed as GHYP on Nasdaq.
• HYPE price will be pursued by the fund and it may include staking rewards under the conditions that are in line with the terms.
• The ETF offers indirect exposure to an ~$8.6B asset tied to the fast-growing Hyperliquid ecosystem.

Grayscale is pushing deeper into crypto ETFs with a new filing tied to Hyperliquid’s native token. That action indicates that more institutions are excavating on-chain trading infrastructure and perpetual markets.

Read More: Grayscale Files for Spot BNB ETF as $118B Token Targets U.S. Public Markets

Grayscale Moves to Launch HYPE ETF

Grayscale has filed an initial S-1 registration with the U.S. SEC for its proposed Grayscale HYPE ETF. The product will be established as a Delaware statutory trust and will merely be in possession of HYPE tokens in its own wallet. If approved, shares will trade on Nasdaq under the ticker GHYP. The ETF will not give direct ownership of HYPE but will mirror its price performance, minus fees and expenses.

The filing confirms that the fund will operate as a passive vehicle. It will not be leveraging or derivatives, it is all about following the price of HYPE. Pricing will rely on an index derived from digital asset trading platforms. At this stage, the registration is not effective. Shares cannot be sold until regulatory approval is granted.

How the ETF Structure Works

The trust shall distribute shares in massive 10,000 token distributions, also known as “baskets,” to accredited players. The players are able to invest or redeem shares either in tokens of cash or with HYPE, depending on the deal

Exposure Without Direct Ownership

Shareholders are able to experience a taste of HYPE without the hassles of holding on to private keys or custody providers.

The ETF’s value will reflect:

• The amount of HYPE held by the trust
• Any staking rewards (if later enabled)
• Adjustments for fees and liabilities

Coinbase will have multiple roles to deal with prime brokerage, as well as custody, whereas Bank of New YorkMellon deals with the back-office. The ETF has an arbitrage mechanism to ensure that the price of the ETF is near its net asset value as it is the case in other crypto ETFs.

Read More: Grayscale Files S-1 for NEAR ETF as $45B Daily Volume Puts NEAR Back on Institutional Radar

HYPE Token and Hyperliquid Growth

HYPE is the currency of the Hyperliquid network, the decentralized and high-performance blockchain that is all about trading. By late 2025 the token was back:

• Market cap: ~$8.6 billion
• Circulating supply: ~299 million
• Daily trading volume: ~$55 million

Hyperliquid has attracted users as a dominant perpetual future, and lightning-fast execution and low latency. Its trading design enables you to continue trading 24/7 in line with the requirement of 24/7 markets. 

It happens at a time when institutional players seek regulated means by which they can access this space without directly interacting with DeFi protocols. Grayscale’s move follows similar filings from other asset managers exploring HYPE-based products.