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Grayscale Files for Nasdaq-Listed Spot ETF Linked to Hyperliquid Token HYPE

According to Grayscale’s SEC filing, the proposed GHYP fund would track Hyperliquid’s spot token price, use Coinbase Custody, and initially exclude staking if approved for Nasdaq listing.

HYPE

Summary

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.

Terms & Concepts
  • Spot ETF: An exchange-traded fund designed to track the current market price of an underlying asset directly rather than through derivatives.
  • SEC Form S-1: A registration statement filed with the U.S. Securities and Exchange Commission for new securities offerings, including proposed ETFs.
  • Staking: A mechanism in some blockchain networks where tokens are locked or delegated to help support network operations in exchange for potential rewards.