Grayscale Files for Hyperliquid ETF as HYPE Joins Top 10

Grayscale has filed an S-1 for a Hyperliquid (HYPE) ETF on Nasdaq. The move follows HYPE's climb to a $10.1B market cap and top 10 crypto ranking.

The proposed product, which will trade under the ticker GHYP on Nasdaq, aims to provide institutionalized exposure to one of the fastest-growing digital assets.

Structure Aligned with Regulatory Risk

According to the filing, Coinbase Custody will hold the assets, while CoinDesk Indices will provide pricing data to calculate the fund’s net asset value.

A key element in the fund’s structure is the exclusion of staking rewards at launch. This reflects the SEC‘s cautious stance regarding yield from crypto assets, which could be classified as a security. At the same time, Grayscale has included a clause for the future addition of staking should the regulatory framework change—a signal of strategic flexibility.

Timing Driven by Market Dynamics

The filing arrives as Hyperliquid climbs among the leading crypto assets by market capitalization, reaching nearly $10 billion. The platform has reported strong activity, including top positions in generated fees, placing it firmly on the radar of institutional investors.

An additional factor is the rising demand for derivative products linked to energy markets, where Hyperliquid positions itself as an alternative platform during periods of limited liquidity on traditional exchanges. This strengthens the case for the asset as an infrastructure component rather than just a speculative tool.

Expanding Competition in Crypto ETFs

Grayscale is not the only participant in this race. Companies like Bitwise and 21Shares are also showing interest in products related to Hyperliquid, suggesting the formation of a new segment within the ETF industry.

The dynamics mirror the early stages of Bitcoin and Ethereum ETFs, when multiple managers filed parallel applications while the regulator evaluated products in a competitive environment. The difference is that for HYPE, this process is developing significantly faster, reflecting the accelerating institutionalization of the crypto market.

A New Stage for Institutional Crypto

In summary, the S-1 filing for a HYPE ETF signals that the market is entering a new phase where institutional products are no longer limited to BTC and ETH.

Hyperliquid is positioning itself as the next candidate for integration into traditional financial markets. Grayscale‘s move demonstrates that investors are increasingly seeking exposure to infrastructure blockchain projects with real-world utility and revenue generation.

Hyperliquid Price Reaction

At the time of writing, HYPE is trading at $39.62, recording a slight daily increase. The token has entered the top 10 leading cryptocurrencies with a market capitalization of $10.1 billion. On a weekly basis, the altcoin has seen a growth of 8%.