Grayscale has filed an application with the U.S. Securities and Exchange Commission (SEC) to launch the Grayscale HYPE ETF, which will track the price of Hyperliquid's native token HYPE. The proposed fund may add staking in the future, but it will not offer staking initially.
Hyperliquid is a popular platform for decentralized perpetual futures trading, and its volume has remained stable despite growing competition from rivals. According to data cited in the report, weekly trading volume on Hyperliquid has ranged from $40 billion to $100 billion this year.
The Grayscale filing comes as part of a broader trend in crypto ETFs expanding beyond major tokens such as Bitcoin and Ethereum. Other issuers have already filed for similar products linked to Hyperliquid's token, indicating growing interest in investment products tied to newer digital assets.