US investment fund management company Grayscale filed an S-1 Form with the Securities and Exchange Commission (SEC) this Friday, March 20, 2026, to launch the Grayscale HYPE ETF. This is an exchange-traded fund (ETF) project that replicates the price of Hyperliquid’s native token HYPE. If approved, the product will be listed on the Nasdaq market under the ticker GHYP.
If approved by the SEC, the Fund would be established as a Delaware statutory trust and serve as a passive investment vehicle. Its sole purpose is to reflect the value of HYPE in your portfolio.management costs are reduced.
According to the preliminary prospectus, Coinbase acts as a custodian of assetsMeanwhile, Bank of New York Mellon will act as administrator and transfer agent. The reference price is calculated through the CoinDesk Hyperliquid Benchmark Extended Rate index, which is evaluated daily at 4:00 PM New York time.
This document reveals that Fund has no initial stakingand. In any case, Grayscale is considering the possibility of incorporating it in the future based on what it calls a “staking condition” in its prospectus, although it cautions that there is no guarantee that this condition will be met.
It is worth mentioning that the recently established Hyperliquid Policy Center is working to ban Hyperliquid exchanges for users in the United States. lobby Submit to Congress to rectify the situation.
The SEC must review the application before the fund can be made public. There is no confirmed deadline for resolution.
Why is the ETF launch important for Hyperliquid?
ETF approval It will represent a qualitative leap for Hyperliquid. In terms of visibility and perceived legitimacy.
Listing on Nasdaq means HYPE will appear on Bloomberg screens. intermediary Portfolios of traditional managers and managers who today do not even consider assets that are not within a regulated structure.
to Protocols that have traditionally operated on the periphery of the cryptocurrency ecosystem — Barred from access to US users and absent from major institutional channels, its exposure is difficult to reproduce through other means.
Furthermore, the vehicle ETFs would eliminate the main friction that is keeping institutional investors away from HYPE today: the need to manage wallets and private keys, lack of a reputable custodian, incompatibility with pension fund investment obligations, family office and regulated asset managers.
The Grayscale HYPE ETF, with Coinbase as the custodian and BNY Mellon as the administrator, has all the characteristics of a product suitable for institutional investor portfolios and has the potential to tap into latent demand among investor segments that currently do not have operational access to tokens.
But history warns against automatic enthusiasm. Introduction of ETF does not guarantee price increase. While ETF approval expands the range of potential investors, it does not determine whether or when those investors will actually buy.
Actual demand will ultimately depend on the basis of the Protocol and broader macroeconomic conditions.
