Prominent asset management firm Grayscale has moved to launch the HYPE exchange-traded fund (ETF) following a recent filing with the SEC. This development means Grayscale joins a growing list of asset managers with the intention of adding HYPE funds to their portfolios.
About Grayscale HYPE ETF
According to a March 20 filing, Grayscale has currently filed an S-1 registration form for the Grayscale HYPE ETF with the U.S. Securities and Exchange Commission (SEC). The proposed fund will trade on the NASDAQ Exchange under the symbol GHYP. For context, HYPE stands for the native token of Hyperliquid, a layer-1 blockchain designed to increase the efficiency of decentralized financial applications. One of Hyperliquid’s hallmark features is its ability to facilitate direct perpetual futures trading and eliminate the need for gas fees at the time of trading.
HyperLiquid was launched in 2023 and HYPE token debuted in 2024. Since then, the altcoin has seen impressive momentum, resulting in a market capitalization of $10.23 billion, making it the 10th largest cryptocurrency in the world, according to CoinMarketCap data. With respect to the Grayscale HYPE ETF, Delaware Trust Company will act as designated trustee and Bank of New York Mellon will act as transfer agent, working with co-transfer agent Continental Stock Transfer & Trust Company. Additionally, like other Grayscale ETFs, Coinbase Custody Trust LLC serves as the fund’s custodian.
The fund’s prospectus also states that it may engage in staking in the future. However, this only happens after the staking conditions are met. In addition to Grayscale, other asset managers considering launching HYPE ETFs include 21Shares and Bitwise. Notably, the SEC, led by Chairman Paul Atkins, has granted approval to a series of crypto-related ETFs, in line with President Donald Trump’s pro-crypto agenda. This includes spot ETFs related to XRP, Solana, Dogecoin, Chainlink, Avalanche, and Litecoin.
HYPE price overview
At the time of writing, HYPE is trading at $39.44 after a modest decline of 1.18% in 24 hours. Meanwhile, altcoins have emerged as one of the standout performers in the cryptocurrency market, registering a gain of 38.29% over the past month. Notably, Coincodex analysts predict that HYPE is positioned to reach a price of $88.34 by the end of the year, which corresponds to an increase of 124.11% on the current market price.
