Grayscale Submits Application for HYPE ETF Amid Hyperliquid's Rise

Grayscale has taken another step towards expanding its offerings in the crypto market by filing an application with the Securities and Exchange Commission (SEC) to launch a spot ETF tied to HYPE, the native token of the Hyperliquid network. The proposed fund would trade on Nasdaq under the ticker GHYP, with Coinbase Custody as custodian.

The move follows JPMorgan's recognition of Hyperliquid as a primary beneficiary of oil trading demand during the Iran conflict weekend, when CME markets were closed. This designation is significant, as it highlights the platform's ability to provide alternative market infrastructure for institutional investors.