Major crypto asset manager Grayscale has filed to list the Grayscale HYPE ETF, an exchange-traded fund that would track the native Hyperliquid token.
Hyperliquid is a high-performance Layer 1 blockchain focused on decentralized perpetual futures trading.
The network is currently the largest venue for onchain perps, according to The Block’s data.
According to the S-1 filing on Friday, the Grayscale HYPE ETF would trade on the Nasdaq under the ticker symbol GHYP if approved. Like Grayscale’s other funds, it would tap Coinbase Custody as a custodian and use CoinDesk’s Benchmark pricing data.
The filing also notes that HYPE staking is currently prohibited, though there is a “Staking Condition” that could be met in the future.
The Securities and Exchange Commission, now led by Paul Atkins, an appointee of President Donald Trump, has moved to approve a range of crypto-related funds, though the introduction of staking rewards has been slower.
Grayscale, a subsidiary of Digital Currency Group, is not the first to file a HYPE fund. Major crypto ETF players 21Shares, Bitwise and 21Shares filed late last year.
A relative newcomer in the crypto space, Hyperliquid has quickly gained prominence. While the project is barred to U.S. users, the recently formed Hyperliquid Policy Center is working on lobbying efforts in Washington DC.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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