Grayscale is looking to capitalise on the success of $HYPE ...

@Grayscale has submitted its third amended S-1 registration statement to the US Securities and Exchange Commission for a proposed spot Hyperliquid ETF, according to Bloomberg ETF analyst @JSeyff. Grayscale, the world's largest digital asset-focused investment platform with an AUM of $35 billion, is pushing ahead with the product as institutional appetite for $HYPE grows.

What the Filing Adds

One of the most significant changes in the latest amendment is the addition of staking. The ETF may allow investors to indirectly earn staking rewards generated from HYPE tokens held by the trust, meaning the product could offer exposure to both HYPE price movements and blockchain staking yields.Grayscale has clarified that staking functionality would still depend on regulatory approval and tax compliance requirements. The filing also notes that the ETF could eventually be renamed the "Grayscale Hyperliquid Staking ETF" if approved for listing on Nasdaq.

If approved, the product is expected to trade under the ticker GHYP on US exchanges.Anchorage Digital Bank has replaced Coinbase as custodian, while BNY Mellon continues to handle administrative and transfer-agent duties.

A Three-Way Race for $HYPE

Grayscale is entering a market that is already moving. Bitwise launched its spot HYPE ETF on the New York Stock Exchange on May 15 under the ticker BHYP, entering the market days after 21Shares launched the first-ever Hyperliquid ETF on May 12.Daily net inflows for the two live Hyperliquid ETFs have grown roughly 8x since launch, reaching about $11 million on May 19, with total net assets crossing $30 million as HYPE trades at around $51.31.

21Shares filed its own S-1 in October, proposing a passive vehicle tracking HYPE's price using Coinbase and BitGo as custodians.Its THYP product trades on Nasdaq and tracks the FTSE Hyperliquid Index, with a 0.30% fee.Bitwise's BHYP delivers staking rewards to investors through its own in-house staking division and was the first asset manager to file a Form S-1 for a Hyperliquid ETF, submitting it in September ahead of similar filings by 21Shares and Grayscale.

HYPE is now the 10th-largest crypto asset by market capitalisation, sitting near $11 billion despite less than two years of trading history.The platform processed $2.9 trillion in perpetual futures trading volume in 2025, a rise of more than 400% from the prior year, and now handles approximately $8 billion in daily volume, according to DeFiLlama data.

Grayscale's GHYP filing remains under SEC review. The inclusion of staking is a differentiator but also a potential source of additional scrutiny, as regulators continue to assess whether staking rewards constitute securities yields.

Sources:
Coinpedia: Grayscale Moves Closer to HYPE ETF Launch With Third SEC Amendment Filing
CoinMarketCap: Bitwise Hyperliquid ETF Launches on NYSE
The Block: Grayscale's Amended Hyperliquid ETF Filing