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Grayscale files for Hyperliquid ETF as HYPE token surges 21% in a week

A new ETF battle heats up as HYPE's explosive growth pushes Hyperliquid into the crypto spotlight. Will the SEC greenlight institutional exposure to this booming exchange?

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The image shows a white background with a pie chart depicting the crypto-currency market...
The image shows a white background with a pie chart depicting the crypto-currency market capitalizations in 2016. The chart is divided into sections, each representing a different type of cryptocurrency, such as Bitcoin, Ethereum, Litecoin, and Litecoin. The text accompanying the chart provides further details about the capitalizations.

Grayscale files for Hyperliquid ETF as HYPE token surges 21% in a week

Grayscale has become the latest firm to push for a spot Hyperliquid ETF, joining rivals Bitwise and 21Shares in the race. The company filed an S-1 registration with the US Securities and Exchange Commission (SEC) this week. If approved, the fund—named GHYP—would trade on Nasdaq with Coinbase acting as custodian.

The move comes as Hyperliquid's native token, HYPE, surged by roughly 21% over the past seven days, briefly overtaking Cardano to enter the top 10 cryptocurrencies by market capitalisation.

Hyperliquid has established itself as the dominant decentralised perpetual futures exchange, processing between $40 billion and $100 billion in weekly trading volume. Across all platforms, total weekly perps volume has ranged from $125 billion to $300 billion so far this year. The exchange also generates around $500 million in daily trading activity, with 97% of its revenue directed toward buying back HYPE tokens.

HYPE's price climbed to between $40 and $43 this week, following a strong rally. The token's rise led BitMEX founder Arthur Hayes to set an ambitious $150 price target by August 2026. Earlier in January, Hyperliquid expanded its offerings by launching an XRP spot market.

Grayscale's proposed ETF would track the spot price of HYPE, competing directly with similar products from Bitwise and 21Shares. All three firms are now awaiting SEC approval, though no decision timeline has been announced.

The filing marks another step in the growing institutional interest in Hyperliquid's ecosystem. If GHYP gains approval, it would provide investors with direct exposure to HYPE through a regulated product. The token's recent performance and high trading volumes suggest strong market demand for such an offering.

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