Grayscale has submitted applications to launch the HYPE ETF as Hyperliquid increasingly attracts investors on Wall Street.
The SEC is very skeptical about digital assets, so it is yet to be seen when it will be approved.
According to other companies, such as 21Shares and Bitwise, applications have been made to gain ETFs that track Hyperliquid.
Grayscale has approximately $35 billion in cryptocurrency under management, and it plans to list the Grayscale HYPE ETF on Nasdaq under the GHYP ticker.
The fund would resemble the current structures used by Grayscale, which are Coinbase Custody and CoinDesk Benchmark data, which will be used to determine the price.
Hyperliquid is considered a high-performance decentralized exchange and is based on a Layer 1 blockchain of their own design, although the HYPE staking is not enabled, and a possible Staking Condition might be introduced in the future.
Grayscale Advances in Crypto ETFs
At the beginning of the year, Grayscale stated that it would produce Hyperliquid and BNB ETFs.
The company filed the statutory trusts of the products with the Delaware Division of Corporations, and it was thus able to make formal filings with the SEC.
According to the official records, Grayscale located HYPE Trust on January 8, 2026, under file number 10465863, and the BNB Trust under file number 10465871.
The second step implied the filing of an S-1 registration statement with the SEC.
This paper describes the structure of the ETF, the investment strategy, the risk management, and the compliance.
Analysts observe that regulatory caution would like to slow down the approval, but recent amendments have relaxed the listing requirements of crypto-based ETFs.
Qualified products can now circumvent some of the Section 19(b) filings without being subject to the intense review of the SEC.
Paul Atkins, the SEC Chairman, said that the agency is already reviewing different crypto-related funds, which gave hope in the market.
Hyperliquid has attracted interest even though it is a relatively new product. US investors are not yet able to interact with the Hyperliquid DEX, and the Hyperliquid Policy Center is lobbying in Washington, D.C., to have it widened and more regulated.
Industry Response and Peer Activity
Grayscale is the next company to request approval of HYPE ETFs, after 21Shares submitted a passive ETF to calculate HYPE shortly after they agreed to a takeover by digital asset company FalconX.
This indicates increasing institutional interest in accessing the new digital assets via the conventional media.
Recently, the SEC lifted the obstacles on spot ETFs that were tied to cryptocurrencies, such as Solana and Dogecoin.
Non-aid processes like the ETF reviews have, however, been at times postponed due to the shutdowns of the federal government.
Another point that analysts can make is that, despite the fact that staking rewards are rather limited, institutional interest in crypto ETFs is only growing.
Outlook for Grayscale HYPE ETF
The HYPE ETF would be an important milestone for the cryptocurrency industry and Grayscale in particular.
With the changes in regulatory structures, institutional investors are seeking more opportunities to invest money through exchange-traded products.
The increasing popularity of Hyperliquid and the credibility of Grayscale mean that the ETF will potentially have a huge following.
Constant scrutiny and regulatory alert of the SEC will eventually see the fund rolled out, yet the market watchers are keen on the progress.
