Grayscale Files for Hyperliquid ETF as Token Surges

Grayscale, a well-established player in the cryptocurrency space, has taken another step towards bringing its expertise to the masses. The company has filed an S-1 registration statement with the US Securities and Exchange Commission for a spot Hyperliquid ETF.

The proposed ETF would trade on Nasdaq under the ticker GHYP if approved by regulators. Grayscale said it may add staking capabilities to the product in the future, allowing investors to earn yield on top of any price gains from holding HYPE.

Hyperliquid has been gaining traction in the market, with its price rising by 21% this week. The token briefly pushed past Cardano (ADA) in market capitalization, placing it inside the top 10 for a short period.