The race to bring ETFs tied to Hyperliquid to U.S. markets is heating up after Grayscale Investments reportedly filed another amended registration statement for its proposed Hyperliquid ETF, according to Bloomberg ETF analyst James Seyffart. The proposed fund is expected to trade under the ticker GHYP, adding fresh momentum to a growing wave of altcoin-focused ETF launches.
The filing update arrived as HYPE traded near $55, retreating from its May 21 all-time high above $62. Despite the pullback, the token remains among the largest crypto assets by market capitalization, with a valuation nearing $14.1 billion and 24-hour trading volume surpassing $1.2 billion. The latest amendment suggests Grayscale is continuing discussions with regulators as issuers push beyond spot Bitcoin and Ethereum products into newer blockchain ecosystems with strong trading activity.
Staking Feature Could Differentiate Grayscale’s Fund
According to the SEC filing, the proposed fund would operate as a Delaware statutory trust holding HYPE, the native token of the Hyperliquid Network, while seeking to list on the Nasdaq. The amendment also introduced a potential staking component, stating the trust could earn HYPE through staking activities if regulatory and operational conditions are satisfied.
The filing noted the product could eventually be renamed the Grayscale Hyperliquid Staking ETF prior to launch. That feature may help the fund stand out in the increasingly crowded crypto ETF market by allowing investors to gain indirect exposure not only to HYPE’s price movements, but also to potential staking rewards.
Custody arrangements remain central to the proposal, with Anchorage Digital Bank named as custodian and Bank of New York Mellon serving as administrator and transfer agent. In April, Grayscale ammended its filing naming Anchorage Digital Bank as a replacement to Coinbase as the fund’s prime broker and custodian.
Competition Builds Around Hyperliquid ETFs
Grayscale is not alone in targeting Hyperliquid exposure. Bitwise Asset Management already offers the Bitwise Hyperliquid ETF (NYSE:BHYP), which lists a 2.25% gross staking reward rate and targets staking roughly 70% of fund assets. The fund reportedly held more than $40 million in net assets as of May 21.
Meanwhile, 21Shares has also entered the market with 21shares Hyperliquid ETF (NASDAQ:THYP), a spot Hyperliquid ETF designed to track HYPE and potentially reflect staking rewards. The fund trades with a reported 0.30% management fee.
The growing competition comes as investors increasingly look beyond traditional crypto exposure toward actively traded blockchain ecosystems tied to decentralized finance and derivatives activity. Market participants are now watching whether ETF inflows, regulatory developments, and sustained network activity can support another rally in HYPE after its recent cooldown from record highs.
Crypto analyst Michael van de Poppe recently projected that HYPE could eventually climb above $100, according to CoinDesk, adding to bullish sentiment surrounding the token and the broader Hyperliquid ETF theme.
Photo: CryptoFX on Shutterstock.com
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