Grayscale files hyperliquid ETF S‑1

Grayscale filed a third amended S-1 on May 22 for its proposed HYPE ETF, putting a fresh SEC document behind a product tied to Hyperliquid’s native token. The filing is Amendment No. 3 to a registration statement first submitted on March 20 and amended again on April 20. (sec.gov) The trust is still structured as a Delaware statutory trust and says sales would begin “as soon as practicable” after the registration statement becomes effective. The new filing matters because it confirms this is no longer just market chatter from crypto trade outlets. The SEC archive shows Grayscale has moved the product through multiple rounds of amendments, a standard part of the ETF review process even though it does not guarantee approval. (sec.gov) The same filing also says the product would list on Nasdaq if cleared. ### What did Grayscale actually file? The SEC filing dated May 22 is “Amendment No. 3 to Form S-1” for the Grayscale HYPE ETF. The original registration statement was filed on March 20, 2026, and Amendment No. 1 was filed on April 20, according to the SEC archive. (sec.gov) An S-1 is the registration statement used to register securities for public sale in the United States. In practical terms, this filing is the disclosure document for the proposed ETF, and repeated amendments usually reflect ongoing comments between the issuer and the SEC. That process is visible here from the sequence of March, April and May filings. (sec.gov) ### Is this a Hyperliquid ETF or a staking ETF? The May 22 amendment says that, in connection with the effectiveness of the registration statement and the listing of the shares on Nasdaq, the sponsor intends to rename the trust the “Grayscale Hyperliquid Staking ETF.” That wording is notable because the legal entity in the filing is still the Grayscale HYPE ETF. (sec.gov) That means the current document points to a fund built around HYPE exposure with a planned staking label at launch, if the SEC allows the registration to become effective. The filing itself does not mean the fund is live yet. It means Grayscale is still preparing the product for a possible public listing. (sec.gov) ### How far along is this compared with the first filing? March 20 is the key starting date. That was the first S-1 Grayscale submitted for the product, according to the SEC filing archive. April 20 brought Amendment No. 1, and May 22 brought Amendment No. 3, showing the filing has been revised more than once in about two months. (sec.gov) Multiple amendments are common for new ETFs, especially in crypto, where custody, market structure, disclosures and staking language can draw added scrutiny. The SEC documents here show progression, but they do not show an approval order. (sec.gov) ### Who else is trying to launch a Hyperliquid ETF? 21Shares had also filed an amended S-1 for a Hyperliquid ETF on April 14, according to the SEC archive. That filing shows another issuer is pursuing a U.S.-listed Hyperliquid product, giving Grayscale company in what is becoming a small but growing race around exchange-linked crypto exposures beyond bitcoin and ether. (sec.gov) MSN, citing analyst James Seyffart, also reported that Grayscale’s third amendment would put the proposed fund alongside Hyperliquid products from Bitwise and 21Shares if approved. That report is secondary, but it aligns with the SEC evidence that at least Grayscale and 21Shares are already in the filing process. (sec.gov) ### What happens next before investors can buy it? The May 22 filing says the proposed sale would begin as soon as practicable after the effective date of the registration statement. That means the next concrete step is SEC effectiveness, followed by the planned Nasdaq listing referenced in the filing. (sec.gov) Nasdaq, the SEC and Grayscale are the named participants in that next phase. Until the SEC declares the registration effective, the amended S-1 remains a filing milestone rather than a launched ETF. (sec.gov) (msn.com)