Grayscale filed an S-1 registration statement on March 20 with the U.S. Securities and Exchange Commission to launch a HYPE ETF tied to Hyperliquid’s native token. The fund is intended to list on Nasdaq under the ticker “GHYP”. The filing sets out the proposed structure, strategy, and risk disclosures, putting the product into the SEC review process.
ETF filing extends Grayscale’s reach into DeFi derivatives infrastructure
The proposed fund shows Grayscale pushing past its more familiar crypto exposure products and into decentralized finance infrastructure. HYPE is the core token of Hyperliquid, a blockchain built around on-chain derivatives trading. According to the source material, the network supports perpetual futures trading without gas fees, a feature that has helped drive adoption. Hyperliquid has also rolled out S&P 500 perpetual contracts, while total value locked on the network has been rising.
Trust structure names custody and transfer service providers
The filing says the ETF would use a standard trust structure. Delaware Trust Company is listed as trustee, while Bank of New York Mellon would act as transfer agent. Continental Stock Transfer & Trust Company would provide co-transfer support. The underlying assets would be held by Coinbase Custody Trust LLC, in line with other Grayscale products.
The document also mentions a possible future path to include staking, though it says certain conditions would need to be satisfied first. For investors, the product is designed to offer HYPE exposure without requiring direct token ownership.
Peer issuers are exploring similar products as fund flows stay uneven
Other asset managers, including 21Shares and Bitwise, have also explored products linked to HYPE. That points to growing interest in wrapping Hyperliquid exposure in regulated investment vehicles. Still, capital flows across crypto investment products have not moved in a straight line.
The source notes $146 million in inflows last week and $2.29 billion over the past month. Over the last quarter, by contrast, crypto products posted $1.62 billion in net outflows. On March 19 alone, outflows reached $225.8 million. Those figures show that institutional positioning across crypto-linked products remains mixed.
With the S-1 now filed, the proposed ETF can be reviewed by regulators. Approval will depend on the SEC’s evaluation process.