Grayscale files for Hyperliquid ETF as HYPE token surges 21% in a week
Grayscale has filed for a spot Hyperliquid ETF, marking the latest move in the growing interest around the HYPE token. The proposed fund, listed under the ticker GHYP on Nasdaq, would use Coinbase as its custodian. This follows similar applications from Bitwise and 21Shares as demand for HYPE-related products rises.
The token itself has seen a strong week, climbing 21% and briefly entering the top 10 cryptocurrencies by market cap, surpassing Cardano (ADA).
Hyperliquid has become a major player in decentralised perpetual futures trading. The platform now processes between $40 billion and $100 billion in weekly volume, leading its category. Daily trading often exceeds $500 million, with 97% of generated revenue directed toward buying back HYPE tokens.
The token's recent performance has drawn attention. After a 21% weekly gain, HYPE currently trades between $40 and $43. BitMEX founder Arthur Hayes has set an ambitious price target of $150 by August 2026, reflecting growing confidence in its long-term potential.
Grayscale's ETF filing, submitted as an S-1 with the SEC, follows similar proposals from Bitwise and 21Shares. The fund, if approved, would trade on Nasdaq under GHYP, with Coinbase handling custody. Grayscale has also left open the possibility of adding staking features to the product later.
HYPE's rise has been rapid. Earlier this week, its market capitalisation briefly overtook Cardano's, placing it among the top 10 cryptocurrencies. The token's momentum comes as decentralised exchanges gain traction against centralised competitors like Bybit and dYdX.
The push for a Hyperliquid ETF highlights the token's growing influence in decentralised trading. With weekly volumes in the tens of billions and a buyback mechanism supporting its price, HYPE has cemented its position as a key asset. If approved, Grayscale's GHYP fund would provide institutional investors with regulated exposure to the rising token.
