Overview
- Grayscale submitted a Form S-1 on March 20 for an exchange-traded product that would hold Hyperliquid’s HYPE token and seek to list under the ticker GHYP.
- The filing notes staking may be added in the future if conditions are met, though it is not active for the trust at this time.
- The proposed ETF remains subject to U.S. Securities and Exchange Commission review, and approval is not guaranteed.
- Grayscale’s prospectus describes Hyperliquid as a fully on-chain order-book venue centered on perpetual futures and spot markets.
- DefiLlama reports about $191 billion in 30-day perpetual volume on Hyperliquid, with a new S&P 500 perpetual market topping $100 million in 24-hour trading, as HYPE climbs from below $30 in early March to around $39–$40 and other issuers such as 21Shares pursue similar products.