Grayscale has submitted an S-1 registration statement to regulators in pursuit of a new exchange-traded fund centered on HYPE, the native asset of the Hyperliquid network. The proposed fund, called the Grayscale HYPE ETF, would hold HYPE directly and is seeking a listing on the Nasdaq. The filing marks another step by Grayscale to expand its suite of crypto investment products beyond established digital assets.
The Hyperliquid network has recorded substantial growth in recent periods, drawing attention from institutional and retail participants alike. Weekly derivatives trading volume on the platform has surpassed $50 billion, underscoring its rising prominence in the decentralized finance space. The network has also generated 24-hour fee revenue of $1.6 million, positioning it as a dominant force among competing platforms.
The surge in activity on Hyperliquid has fueled optimistic price forecasts for HYPE among prominent market commentators. Arthur Hayes has suggested the asset could climb to $150, citing the network’s strong fundamentals and growing user base. Such projections reflect broader enthusiasm surrounding the platform’s expanding role in derivatives markets.
Grayscale’s filing also raises the possibility of the trust staking a portion of its HYPE holdings at some point in the future. Staking would allow the fund to potentially generate additional yield on its assets, a feature that could appeal to investors seeking returns beyond simple price appreciation. No specific timeline or commitment regarding staking has been confirmed at this stage.
The move by Grayscale signals continued institutional interest in assets beyond Bitcoin and Ethereum, as fund managers look to offer exposure to emerging blockchain ecosystems. A successful Nasdaq listing would provide traditional investors with a regulated vehicle to gain access to HYPE without directly holding the asset. The outcome of the S-1 filing will depend on regulatory review and approval processes.
Originally reported by CoinDesk.
