Grayscale Files for Hyperliquid ETF with Coinbase Custodian
Grayscale filed an S-1 registration statement with the SEC on Friday for a Hyperliquid ETF to trade on Nasdaq under ticker GHYP, with Coinbase as custodian but staking rewards deferred to a later date.
Key Takeaway
Three firms now chase Hyperliquid ETF approval as the protocol holds dominance with up to ₱6 trillion ($100 billion) weekly volume.
Grayscale filed an S-1 registration statement with the SEC on Friday for a Hyperliquid ETF that would trade on Nasdaq under the ticker GHYP. The proposed product would track the price of the HYPE token, with Coinbase serving as custodian. Grayscale did not disclose a management fee in the filing. The company said it may consider incorporating staking rewards into the ETF at a later date, provided certain conditions are met.
Bitwise filed for its own Hyperliquid ETF in September and amended the filing in December to include staking. 21Shares filed in October and also contemplated incorporating staking at a later date. Grayscale's approach mirrors 21Shares in keeping staking as a conditional future option rather than a launch feature.
Hyperliquid continues to see between ₱2.4 trillion ($40 billion) and ₱6 trillion ($100 billion) in weekly trading volume, maintaining its position as the most traded perps futures platform. The protocol offers 24/7 trading on perpetual futures, including tokenized real-world assets like oil and gold. Competitor platforms like Aster, Lighter, and edgeX emerged in 2025 but have not captured market share from Hyperliquid.
This article was written based on reporting from Cointelegraph.
