Crypto asset management company Grayscale has filed for a new spot ETF product based on Hyperliquid. According to the file submitted by the company, if the fund that will follow the price movements of the Hyperliquid (HYPE) token receives approval, it is planned to be traded on Nasdaq under the code GHYP. This move follows similar product initiatives from Bitwise and 21Shares.
ETF Structure and Technical Details
In Grayscale’s S-1 application submitted to the US Securities and Exchange Commission, it was stated that the fund will be directly based on the HYPE token. While Coinbase was preferred for the custody service, no statement was made about the management fee. This situation suggests that details regarding the cost structure of the product may become clear in the future.
Grayscale is among the largest institutional players focused on digital asset investments. While the company was previously known for its investment products based on assets such as Bitcoin and Ethereum, the new ETF application is considered as part of its strategy to expand its portfolio into different blockchain projects.
Staking Option is on the Agenda
One of the striking elements in the application was the statement that staking returns could be included in the ETF structure at a later stage. It is stated that if certain conditions are met, investors can earn additional returns not only from price movements but also through staking. This model can offer a significant advantage, especially for investors looking for passive income.
Similarly, Bitwise and 21Shares also considered the staking mechanism in their Hyperliquid ETF applications. This situation reveals the increasing interest in staking-supported ETF products in the industry.
Growth of the Hyperliquid Ecosystem
Hyperliquid stands out as a prominent protocol, especially in the field of perpetual futures trading. The platform began to attract the attention of traditional finance players as it allowed to trade tokenized real-world assets such as oil and gold 24 hours a day, 7 days a week.
Although its weekly transaction volume decreases from time to time, it maintains its strong position in the market, hovering between $40 billion and $100 billion. These data reveal that Hyperliquid has a significant share in the decentralized derivatives market.
In 2025, new platforms such as Aster, Lighter and edgeX entered the market and increased competition. Despite this, these platforms’ trading volumes continue to lag behind Hyperliquid in most weeks.
Total continuous futures trading volume fluctuated between $125 billion and $300 billion throughout the year. These levels indicate a significant increase compared to the same period last year.
