Grayscale Investments filed an SEC Form S-1 for a spot ETF tied to Hyperliquid’s native token HYPE. The proposed fund would trade on Nasdaq under the ticker GHYP, track the spot price of HYPE, and use Coinbase Custody for asset custody. The filing states that HYPE staking will not be offered at launch. The application places Grayscale among issuers seeking a U.S.-listed HYPE spot ETF, following earlier moves by Bitwise and 21Shares.