Grayscale Investments, the world’s largest digital asset-focused investment platform, with an AUM of $35 billion has filed its third amended S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) for its proposed Hyperliquid ETF. If approved, the product is expected to trade under the ticker “GHYP” on U.S. exchanges.
Grayscale Pushes Ahead With HYPE ETF
According to Bloomberg ETF analyst James Seyffart, Grayscale’s latest amendment is now the third major update submitted to regulators for the proposed Hyperliquid ETF.
Seyffart said, “Grayscale submits another Hyperliquid ETF filing! This one is an amendment, #3.”
He noted that the growing number of filings strongly suggests discussions between issuers and the SEC are actively progressing.
Seyffart also said U.S. exchanges could eventually see multiple HYPE ETFs competing for investor demand as Wall Street firms continue racing into newer crypto sectors.
The filing comes as interest around Hyperliquid has surged sharply this year. Hyperliquid recently became one of crypto’s fastest-growing trading ecosystems, generating strong revenue growth while its HYPE token briefly climbed near all-time highs above $62 earlier this month.
ETF Filing Adds Staking Rewards
One of the biggest changes in the latest amendment involves staking integration.
According to the filing, the ETF may allow investors to indirectly earn staking rewards generated from HYPE tokens held by the trust. That means the product could potentially offer exposure to both HYPE price movements and blockchain staking yields.
However, Grayscale clarified that staking functionality would still depend on regulatory approval and tax compliance requirements. The filing also revealed that the ETF could eventually be renamed the “Grayscale Hyperliquid Staking ETF” if approved for listing on Nasdaq.
Wall Street Interest Around HYPE Keeps Growing
The HYPE ETF race is now attracting growing institutional attention.Several firms, including Bitwise and 21Shares, have already expanded efforts around Hyperliquid-related products as demand for altcoin ETFs continues rising after the success of spot Bitcoin ETFs.
The latest filing also confirmed that Anchorage Digital will serve as custodian for the ETF’s HYPE holdings, replacing Coinbase Custody from earlier filings.
Meanwhile, HYPE itself recently faced short-term pressure alongside the broader crypto market. The token dropped roughly 6% over the past 24 hours and traded near $55, giving Hyperliquid a market value close to $14 billion.
Still, Seyffart believes the growing ETF competition shows Wall Street is increasingly viewing Hyperliquid as one of crypto’s next major institutional trading opportunities beyond Bitcoin and Ethereum.
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