Grayscale Files for HYPE ETF with SEC

Grayscale Investments has filed a registration statement with the U.S. Securities and Exchange Commission for a proposed exchange-traded fund that would track the HYPE token, the native asset of the Hyperliquid decentralized perpetuals exchange. The filing, submitted on March 20, positions the Grayscale HYPE ETF as a potential vehicle for investors seeking regulated exposure to one of the fastest-growing platforms in decentralized finance.

The ETF, if approved, would trade on the Nasdaq under the ticker symbol GHYP and hold HYPE tokens to mirror their price performance, minus expenses. Grayscale designated Coinbase as the custodian for the assets, though it did not specify a management fee in the S-1 form. The document also indicates that the fund could incorporate staking rewards in the future if regulatory and operational conditions are met, allowing investors to earn yields alongside potential token appreciation. Hyperliquid's protocol, built on its own Layer 1 blockchain, facilitates high-throughput perpetual futures trading with low fees, competing directly with centralized derivatives platforms.

This move builds on Grayscale's established lineup of cryptocurrency...