The race to bring a Hyperliquid ETF to U.S. markets just got a little more interesting. Grayscale Investments has reportedly filed another amended registration statement for its proposed Hyperliquid ETF, according to Bloomberg ETF analyst James Seyffart. The fund, expected to trade under the ticker GHYP, would hold HYPE, the native token of the Hyperliquid Network, and list on the Nasdaq.
The filing update comes as HYPE trades around $55, pulling back from its May 21 all-time high above $62. Despite the dip, the token remains a heavyweight in crypto, with a market cap near $14.1 billion and 24-hour trading volume over $1.2 billion. The amendment suggests Grayscale is still in active discussions with regulators, pushing beyond the usual Bitcoin and Ethereum products into newer blockchain ecosystems with serious trading activity.
Staking Could Set Grayscale's Fund Apart
What's new in this filing? A potential staking component. The trust could earn HYPE through staking activities if regulatory and operational conditions are met. The filing even notes the product could eventually be renamed the Grayscale Hyperliquid Staking ETF before launch. That feature might help the fund stand out in the increasingly crowded crypto ETF market, letting investors get indirect exposure not just to HYPE's price moves but also to potential staking rewards.
Custody is a key piece of the puzzle. Anchorage Digital Bank is named as custodian, with Bank of New York Mellon serving as administrator and transfer agent. In April, Grayscale amended its filing to replace Coinbase with Anchorage Digital Bank as the fund's prime broker and custodian.
Competition Is Already Here
Grayscale isn't the only player in the Hyperliquid ETF game. Bitwise Asset Management already offers the Bitwise Hyperliquid ETF (BHYP), which lists a 2.25% gross staking reward rate and targets staking roughly 70% of fund assets. The fund reportedly held more than $40 million in net assets as of May 21.
21Shares has also entered the market with the 21shares Hyperliquid ETF (THYP), a spot fund designed to track HYPE and potentially reflect staking rewards. It trades with a reported 0.30% management fee.
The growing competition reflects a broader trend: investors are looking beyond traditional crypto exposure toward actively traded blockchain ecosystems tied to decentralized finance and derivatives. Market participants are now watching whether ETF inflows, regulatory developments, and sustained network activity can support another rally in HYPE after its recent cooldown from record highs.
Crypto analyst Michael van de Poppe recently projected that HYPE could eventually climb above $100, according to CoinDesk, adding to the bullish sentiment around the token and the Hyperliquid ETF theme.
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