Grayscale has filed a Form S-1 registration statement with the United States Securities and Exchange Commission to launch the Grayscale HYPE ETF.
The product will track the price of HYPE (net of fees) and may also incorporate staking rewards, subject to conditions. The fund intends to be listed on NASDAQ and will carry the ticker GHYP.
Grayscale files S-1 for HYPE ETF
— unfolded. (@cryptounfolded) March 20, 2026
The move comes as Hyperliquid attracts increasing interest from participants in traditional finance. Just this week, the S&P 500 Dow Jones Indices licensed the S&P 500 index to Hyperliquid-based Trade.xyz exchange for perpetual contracts on the DEX, making it the first such contract powered by institutional-grade index data.
The decentralized cryptocurrency exchange was also closely followed during the first days of the war between the US, Israel, and Iran, serving as a primary source of information on oil pricing during weekend trading hours when conventional exchanges were closed. Open interest on oil-related markets on Hyperliquid’s HIP-3 exceeded $1.4 billion.
Of course, the S-1 filing is far from a guarantee of approval, but it does signal intent and allows regulators to begin reviewing the offering. If it’s approved, the GHYP ETF will provide traditional investors with a way to get exposed to the Hyperliquid ecosystem without having to interact with the crypto infrastructure at all – similar to how BTC and ETH ETFs work at the moment.
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