Grayscale files HYPE S‑1
Grayscale filed an S‑1 for a HYPE ETF tied to Hyperliquid, citing Hyperliquid’s ~$50B weekly trading volume and positioning the product around DeFi trading dominance as HYPE trades up ~57% YTD. The move signals continued institutionalization of DeFi‑native trading exposure via regulated wrappers. (x.com)
The SEC registration for the Grayscale HYPE ETF is dated March 20, 2026 and lists "Grayscale HYPE ETF" as the registrant with Grayscale Investments Sponsors, LLC at 290 Harbor Drive, Stamford, CT. (sec.gov) The filing proposes that shares would trade on the Nasdaq under the ticker symbol GHYP if approved by regulators. (coindesk.com) Grayscale names Coinbase Custody as the proposed digital-asset custodian for the fund’s HYPE holdings in its registration materials. (kucoin.com) The S‑1 indicates the trust would rely on external pricing benchmarks for NAV calculation, with filings and coverage naming CoinDesk Benchmark as a valuation source under consideration. (coinalertnews.com) Grayscale’s submission joins earlier S‑1s from Bitwise (filed Sept. 25, 2025) and 21Shares (filed Oct. 29, 2025), creating a multi‑issuer race to offer regulated exposure to Hyperliquid’s HYPE token. ( ) Independent analytics from Artemis and coverage aggregated by The Block show Hyperliquid processed roughly $2.6 trillion of notional volume in 2025 and now ranks as the largest on‑chain perpetuals venue by market share, data points cited in issuers’ pitch materials for investor demand. ( ) The filing does not disclose a management fee schedule and leaves open product features such as potential future inclusion of staking rewards, per disclosures and issuer commentary in the S‑1 and contemporaneous reporting. ( )
