Grayscale Files with SEC for Spot HYPE ETF on Hyperliquid Token

Grayscale Investments has officially submitted Form S-1 to the U.S. Securities and Exchange Commission (SEC) to register the new Grayscale HYPE ETF. This will give investors direct exposure to the native HYPE token of the Hyperliquid blockchain, one of the fastest DeFi platforms for perpetual futures trading.

The filing was submitted on March 20, 2026. The fund is planned to list on Nasdaq under the ticker GHYP. Grayscale HYPE ETF is a passive Delaware Statutory Trust formed on January 8, 2026. It will hold HYPE tokens directly in custody with Coinbase Custody Trust Company, LLC. Creations and redemptions will occur in baskets of 10,000 shares, both in-kind (HYPE) and for cash through authorized participants.

HYPE is the native token of the Hyperliquid Layer-1 blockchain, optimized for high-speed on-chain perpetuals trading (up to 200,000 transactions per second thanks to the HyperBFT consensus). The token is used for governance, staking, fee payments, and to capture a share of protocol revenue. At the time of filing, HYPE’s market capitalization exceeded $9.5-10.3 billion (ranking 10-14 among all crypto assets), with the current price hovering around $39-40. Circulating supply is approximately 257 million tokens (maximum supply 962 million).

The fund will not stake HYPE at launch (this will only become possible after meeting the “Staking Condition”), but sponsor Grayscale Investments Sponsors, LLC (a subsidiary of Digital Currency Group) will cover most operating expenses. The sponsor fee will be accrued daily and paid in HYPE.

Context and Competition

Grayscale is joining the race for a HYPE ETF. Similar filings were previously submitted by 21Shares, Bitwise, and other managers. This continues the trend of altcoin ETFs following the successful Bitcoin and Ethereum funds. Grayscale also recently filed for an AAVE ETF (ticker GAVE), showing a systematic approach to expanding its crypto ETF lineup.

Hyperliquid dominates the decentralized perpetuals exchange sector with record trading volumes, making HYPE highly attractive to institutional investors.

Market Reaction

The news has already sparked excitement across the crypto community. HYPE trading volumes have surged, and analysts are forecasting a significant boost in liquidity and institutional capital if approved. On X, early commentary includes:

“Grayscale’s HYPE ETF Filing - a major step toward mainstream adoption of high-speed DeFi protocols.”

The SEC review process may take several months, but the mere filing by one of the largest crypto asset managers (Grayscale) is a powerful bullish signal for the entire Hyperliquid ecosystem.