Grayscale Files S-1 for Hyperliquid ETF on Nasdaq as HYPE ETF Race Heats Up

Four Firms, One Token, One Race

The race to bring a Hyperliquid ETF to market just got more crowded. On March 21, Grayscale Investments filed an S-1 registration statement with the SEC for a spot Hyperliquid ETF trading under the ticker GHYP on Nasdaq. The filing joins existing applications from VanEck, 21Shares, and Bitwise, bringing the total number of competing HYPE ETF proposals to four — a level of issuer interest that signals strong institutional conviction in the decentralized exchange token.

Hyperliquid has emerged as one of the standout projects in the decentralized finance space, operating a high-performance perpetual futures exchange that has attracted significant trading volume. The HYPE token captures value through the protocol's fee structure and governance mechanics, making it an appealing candidate for an exchange-traded product that gives traditional investors regulated exposure to DeFi infrastructure without requiring them to interact directly with decentralized protocols.

What Makes the Grayscale Filing Notable

Grayscale brings a unique competitive advantage to the HYPE ETF race: experience. The firm has successfully converted its Bitcoin and Ethereum trusts into spot ETFs and operates the largest suite of crypto investment products in the traditional finance world. That track record with the SEC review process and institutional distribution channels gives GHYP a credible path to market.

The filing also indicates that the fund may incorporate staking rewards — a feature that would allow the ETF to earn yield from the Hyperliquid protocol on behalf of shareholders. If approved with staking functionality, GHYP would offer investors not just price exposure to HYPE but also a share of the protocol's economic activity. This would differentiate it from simple spot exposure products and could make the ETF more attractive to yield-focused institutional allocators.

The Broader ETF Expansion Story

The four-way competition for a Hyperliquid ETF reflects a broader trend in the crypto ETF landscape. After the successful launches of spot Bitcoin and Ethereum ETFs, issuers are racing to bring ETFs for the next tier of digital assets to market. Solana, XRP, and now Hyperliquid all have multiple competing ETF applications in various stages of the SEC review process.

For the Hyperliquid ecosystem, the ETF race is a validation milestone. Having four major asset managers independently conclude that HYPE warrants an exchange-traded product speaks to the protocol's trading volume, market capitalization, and institutional credibility. Whether the SEC approves any of these applications — and on what timeline — remains uncertain, but the filing activity alone signals that traditional finance views decentralized exchange tokens as a legitimate and investable asset class.

The HYPE token saw positive price action following the Grayscale filing news, as the market interpreted the four-way ETF race as a bullish signal for the token's long-term institutional demand.

Sources: CoinDesk (March 21, 2026), CoinTelegraph (March 2026), CryptoPotato (March 2026)