Grayscale Moves Closer to Launching Hyperliquid HYPE ETF

Grayscale filed another SEC amendment for its proposed Hyperliquid ETF as competition in the HYPE ETF market continues to grow.

Grayscale Investments moved one step closer to launching its proposed Hyperliquid ETF after filing another amendment with the US Securities and Exchange Commission. Bloomberg ETF analyst James Seyffart made the update this week and noted that the company had filed the third S-1 amendment for the fund.

Grayscale Continues Push for Hyperliquid ETF Approval

If approved, the new Hyperliquid ETF will trade under the ticker GHYP on US exchanges. Seyffart said the repeated filing updates suggest the approval process may be moving closer to completion.

He also pointed out that the US market may soon feature 3 different HYPE ETFs vying for investors. The growing competition is a testament to the increasing interest in crypto investment products associated with Hyperliquid.

Related Reading: HYPE Hits New ATH Above $60 as Major Hyperliquid Whale Bleeds on $103M Short | Live Bitcoin News 

According to its latest filing, the SEC is currently considering Grayscale’s proposal. The documents also named Coinbase as the custodian for the ETF’s assets.

In the meantime, the project has been getting more attention due to recent blockchain activity. In recent weeks, wallets belonging to Grayscale have been reported to have collected almost $25 million worth of HYPE tokens.

The big orders sparked speculation on the crypto markets. Meanwhile, HYPE trading volume rose significantly, and the token price jumped by approximately 50% during the rally.

The filing also contained details of future staking opportunities. While there will be no staking at launch, the proposal provides for the possibility of staking rewards later, if regulators approve.

CoinGecko reports that Hyperliquid’s HYPE token has recently traded between $55.18 and $55.85. The token had earlier hit a new all-time high of $62.18 before retracing a bit.

The cryptocurrency’s market cap ranges from $13.1 billion to $14.2 billion. This puts HYPE 11th in the world by market value.

Competition Grows in the HYPE ETF Market

Grayscale’s GHYP filing comes after other rivals’ launches. In May 2026, 21Shares debuted its Hyperliquid ETF (THYP).

Soon after, Bitwise Asset Management also launched its own HYPE ETF called BHYP. Both ETFs reportedly had weak investor activity after launch but subsequently saw higher activity.

According to reports, the two funds later attracted combined net inflows of around $25.5 million during a recent surge in crypto trading activity.

As the number of Hyperliquid ETFs continues to rise, the demand for regulated crypto investment products in the United States is growing. Many investors choose to invest in ETFs because they are easier to access digital assets via traditional stock markets.

Meanwhile, crypto asset managers are also growing their offerings beyond Bitcoin and Ethereum investments. Businesses are now creating funds that are tied to newer blockchain projects and tokens.

Hyperliquid has been attracting the crypto community’s attention due to its decentralized trading platform and the increasing activity within its ecosystem. The surge of interest in decentralized finance and perpetual futures trading also helped the HYPE token.

Grayscale’s GHYP ETF has not yet been approved by the SEC. The latest filing, however, indicates that the company is still engaged in the regulatory process.

The US market may soon see more competition from multiple HYPE ETFs as asset managers compete to gain crypto investors.

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