Image: TradingView

Grayscale files S-1 for Hyperliquid ETF, to trade as GHYP on Nasdaq if approved

21 March, 2026.Crypto.11 sources

Key Takeaways

Grayscale filed an S-1 with the SEC to launch the HYPE ETF.
The ETF would list on Nasdaq under ticker GHYP.
Coinbase is proposed as custodian for the ETF.

Grayscale ETF Filing

Grayscale Investments has filed an S-1 registration statement with the U.S. Securities and Exchange Commission.

“Grayscale wants to bring the world's hottest crypto trading frenzy to your brokerage account The Hyperliquid network has seen significant growth, with weekly derivatives trading volume exceeding $50 billion and 24-hour fee revenue of $1”

@coindesk

The proposed ETF would track the price movement of the Hyperliquid (HYPE) token.

@coindesk

The fund would trade under the ticker symbol 'GHYP' on the Nasdaq stock exchange if approved.

This filing marks significant development in institutional adoption of decentralized finance protocols.

Grayscale is positioning itself as a major player bringing Hyperliquid into traditional financial markets.

Competitive Landscape

Grayscale's entry intensifies competition among major asset management firms for Hyperliquid ETFs.

Bitwise was the first to submit its filing in September 2025.

Blockonomi

Bitwise amended its application in December to finalize ticker BHYP on NYSE Arca and 0.67% annual fee.

21Shares submitted its S-1 in October with Coinbase and BitGo as custodians.

Three heavyweight issuers filed within six months, showing institutional conviction beyond BTC and ETH.

Hyperliquid Growth

Hyperliquid's remarkable growth trajectory has positioned it as a leading player in DeFi.

CoinDesk

The network processed $191.4B in perpetual volume over 30 days, with $9.4B in 24 hours.

Cumulative volume reached $4.1 trillion with open interest near $7 billion.

In 2025, Hyperliquid surpassed Coinbase in trading volume with $2.6T vs Coinbase's $1.4T.

User base grew from 300,000 to 1.4 million while TVL climbed from $2B to $6B.

The platform evolved into a full-spectrum trading venue for both crypto and real-world assets.

ETF Structure Details

Grayscale's ETF structure reflects careful consideration of regulatory requirements.

Coinbase Custody will serve as the custodian for the assets.

CoinGabbar

CoinDesk Indices will provide pricing data for net asset value calculations.

Staking rewards are excluded at launch due to SEC's cautious stance on crypto yield.

Grayscale included a clause for future staking if regulatory framework changes.

SEC's September 2025 approval of crypto ETP listing standards streamlined the pathway.

Market Reaction

Market reaction to Hyperliquid's institutional validation has been positive.

“Grayscale eyes Hyperliquid with new HYPE ETF filing The proposed fund would track HYPE and list on Nasdaq as GHYP, adding fresh institutional momentum to one of crypto’s fastest growing trading networks”