Key Takeaways:
Grayscale Investments has filed its third amended S-1 registration statement with the U.S. Securities and Exchange Commission for its proposed spot Hyperliquid (HYPE) exchange-traded fund, which is expected to trade under the ticker “GHYP.”
"Grayscale submits another Hyperliquid ETF filing! This one is an amendment, #3," Bloomberg ETF analyst James Seyffart said, noting that the repeated filings suggest active and progressive discussions between issuers and the SEC.
A significant update in the latest filing is the potential integration of staking, which could allow the ETF to generate and pass on staking rewards from the HYPE tokens it holds. The filing also named Anchorage Digital as the new custodian for the ETF's HYPE holdings, a change from Coinbase Custody in earlier versions.
The filing underscores the intensifying race among major asset managers to offer regulated HYPE exposure. Spot HYPE ETFs from competitors Bitwise and 21Shares recently saw net inflows of $25.5 million in a single day, bringing their cumulative net inflows to $54 million since launch, according to Farside data. Bitwise has also committed to using 10 percent of its management fees from its own HYPE ETF to purchase tokens for its balance sheet.
Hyperliquid has seen surging interest this year, with its native HYPE token rallying nearly 143 percent year-to-date and reaching an all-time high above $62 earlier this month. The platform has processed over $4 trillion in cumulative volume and holds more than $5.3 billion in total value locked, according to DefiLlama data. The growth is partly fueled by its HIP-3 upgrade, which allows for permissionless perpetual markets on assets like commodities and pre-IPO stocks, attracting over $2.6 billion in open interest. While HYPE was last trading near $59, the increasing number of ETF filings from major players like Grayscale, VanEck, and others points to a maturing market structure for one of crypto's largest assets beyond Bitcoin and Ethereum.
This article is for informational purposes only and does not constitute investment advice.
