Grayscale has filed a third S-1 amendment for its proposed Hyperliquid spot ETF with the U.S. Securities and Exchange Commission, according to Bloomberg ETF analyst James Seyffart. Seyffart said on May 23 that three HYPE spot ETFs on U.S. exchanges may be approaching, indicating that multiple issuers could be advancing related products. The new update also says Grayscale registered the Grayscale HYPE Trust in Delaware in January 2026, adding another procedural detail to the fund’s development.