Digital asset manager Grayscale has taken a formal step toward bringing Hyperliquid’s native token into U.S. markets, filing for a spot exchange-traded fund (ETF) tied to HYPE.
Hyperliquid’s HYPE Token Draws ETF Attention From GrayscaleNet asset value would be calculated daily using the Coindesk Hyperliquid Benchmark Extended Rate, with pricing locked at 4 p.m. New York time.
Still, the structure carries familiar risks. The filing points to price swings, regulatory uncertainty, wallet concentration and network-level threats, along with the possibility that HYPE could be classified as a security, which could disrupt the product entirely.
For now, the application remains in its early stage. Approval would require both SEC effectiveness and exchange rule clearance, a process that could stretch months without any guarantee of launch.
FAQ What is the Grayscale HYPE ETF?A proposed spot ETF designed to track the price of Hyperliquid’s HYPE token. What does Hyperliquid do?It operates a high-speed Layer 1 blockchain focused on onchain perpetual futures trading. Will the ETF include staking rewards?Not initially, though staking may be added later if conditions allow. When could the ETF launch?There is no set date, as it requires SEC approval and exchange clearance.
