Grayscale submitted its third S-1 amendment for a proposed Hyperliquid ETF to the US Securities and Exchange Commission on May 22, 2026. The product would trade on Nasdaq under the ticker GHYP. The trust was formed in Delaware on January 8, 2026, and the filing timeline has accelerated from the first amendment in April to a second on May 11 and a third on May 22.
Amendments are typically filed in response to SEC comments, and the latest update was publicly confirmed by Marketanalyst. Bloomberg ETF analyst James Seyffart said the pace of revisions suggests both the issuer and the regulator are actively moving through the review process, bringing the fund closer to a possible launch.
Filing shows direct HYPE exposure and a possible staking angle
The proposed Grayscale product would hold HYPE directly in the trust’s own accounts, with private keys handled by a professional custodian. For investors using standard brokerage accounts, that structure offers exposure to the token without requiring a wallet or direct key management.
As of March 31, 2026, HYPE had a market capitalization of $9.4 billion, ranked tenth globally on CoinMarketCap, with $232.7 million in 24-hour trading volume on that date. The filing also says Grayscale intends to rename the vehicle the Grayscale Hyperliquid Staking fund once the registration becomes effective, a detail that points to the possibility of staking yield in addition to spot token exposure.
21Shares and Bitwise are already live, with $81 million in assets
While Grayscale waits for SEC clearance, two HYPE-linked funds are already trading in the US. 21Shares launched THYP on Nasdaq on May 12, 2026, and Bitwise followed with BHYP on the NYSE on May 14. Within nine trading days, the two products reached a combined $81 million in total assets.
According to SoSoValue, cumulative net inflows totaled $54 million across seven trading days. The largest single day came on May 20, when total inflows hit $25.46 million. On that day, 21Shares THYP brought in $16.65 million, lifting its historical net inflow to $34.89 million; Bitwise BHYP added $8.81 million, bringing its running total since launch to $16.56 million. Arkham Monitor data also showed a combined $16.1 million in 24-hour inflows again on May 22.
21Shares is currently ahead by roughly $20 million in total assets. The report points to its lower annual fee as a major factor. Bitwise has responded with a different approach, saying it will use part of its fee revenue to buy HYPE on its own balance sheet, creating another source of direct demand for the token.
Together, the two funds now hold nearly 0.6% of HYPE’s circulating supply. The total has increased every day since launch, with no net-negative session reported in the period cited.
Token price has doubled this year as a third ETF waits on approval
HYPE traded near $20 in January 2026 and climbed to $57.16 by May 21, leaving it within about 1% of its all-time high of $58. That puts the token up 101% year to date. The source article describes ETF inflows as the clearest near-term catalyst behind that move.
Peter Chung, Head of Research at Presto Research, said that after adjusting for market capitalization, institutional money has entered HYPE ETFs faster than it entered Bitcoin ETFs at a comparable stage. Dominick John of Zeus Research said the inflows also reflect investor attention on Hyperliquid’s usage-based revenue model. The protocol now captures 42% of all on-chain trading fees in the DEX market.
If GHYP wins approval, the US market would have three competing altcoin ETFs trading at the same time. The article argues that this would create three separate channels of institutional buying, marketing budgets, and custody demand tied to HYPE. On the technical side, analysts cited in the report noted that HYPE’s RSI has moved above 80, a level associated with short-term overbought conditions. FinanceFeeds listed support levels at $57.30, $54.14, $51.52, and $49.26.