Grayscale Submits S-1 Filing for Hyperliquid ETF, Follows Bitwise and 21Shares
Grayscale has no immediate plans to include staking in its Hyperliquid ETF, contrasting with Bitwise's approach, though the feature may be added down the line.
Digital asset management firm Grayscale has submitted an application for a spot exchange-traded fund based on Hyperliquid, entering the race alongside Bitwise and 21Shares to launch a product linked to the Hyperliquid blockchain and perpetual futures protocol.
If granted approval, the Grayscale HYPE ETF would mirror the price performance of the Hyperliquid (HYPE) token and would be listed on the Nasdaq under the ticker symbol GHYP, as detailed in Grayscale's S-1 registration statement submitted to the Securities and Exchange Commission on Friday.
According to the filing, Grayscale has designated Coinbase as the custodian for the proposed product, though the company has not yet revealed what management fee would be charged for the Hyperliquid offering.
The filing from Grayscale arrives at a time when Hyperliquid is experiencing growing adoption across cryptocurrency platforms and gaining increased utilization from traditional finance participants when conventional markets are offline, thanks to its round-the-clock trading capabilities for tokenized real-world assets such as gold and oil.
According to Grayscale's filing, the company stated it might explore adding staking rewards to its Hyperliquid ETF in the future, subject to meeting specific criteria and conditions.
The inclusion of staking functionality would allow GHYP investors to generate additional yield alongside any potential price gains from the HYPE token.
Bitwise initially filed for its Hyperliquid ETF in September and subsequently amended the filing in December to add staking capabilities, while 21Shares indicated in its October filing that it was also considering the addition of staking features at a future point.
Hyperliquid continues to dominate perps trading
Despite a decline in trading volume on Hyperliquid from its peak levels in August, the platform continues to process between $40 billion and $100 billion in weekly volume — preserving its status as the leading perpetual futures trading platform, according to data from DeFiLlama.
A number of competing platforms including Aster, Lighter and edgeX launched in 2025, chipping away at Hyperliquid's market dominance, though these platforms continue to generate significantly lower trading volume during most weeks.
Overall weekly perpetual futures trading volume has remained in the range of $125 billion to $300 billion throughout this year — falling short of the November peaks but still representing more than twice the volume levels observed during the same period last year.
