Grayscale has filed with the US Securities and Exchange Commission to launch a spot ETF tracking Hyperliquid’s HYPE token, marking a further push into DeFi-linked products.
The proposed Grayscale HYPE ETF would directly hold HYPE and aim to track its price without using leverage or derivatives, placing it in competition with filings from Bitwise and 21Shares.
The fund is expected to list on Nasdaq under the ticker GHYP, with Coinbase Custody as custodian and Bank of New York Mellon handling administration.
The ETF would calculate net asset value daily using the Coindesk Hyperliquid Benchmark Extended Rate, with pricing set at 4 p.m. New York time.
Grayscale said staking is not currently included in the structure, although it could be added in the future depending on tax considerations.
Hyperliquid operates as a layer one blockchain focused on onchain perpetual futures trading, combining a centralised-style order book with decentralised infrastructure.
The filing highlights risks including price volatility, regulatory uncertainty and the possibility that HYPE could be classified as a security, which could affect the product’s approval.
If approved, the ETF would expand institutional exposure beyond bitcoin and ethereum into DeFi-native assets driven by trading activity.
At the time of reporting, Hyperliquid price was $38.52.