Grayscale Submits S-1 Registration for HYPE ETF, Tracking Hyperliquid's Native Token

Grayscale Investments has submitted an S-1 registration statement to launch the Grayscale HYPE ETF, a spot product designed to track the native token of Hyperliquid. The proposed fund would trade on Nasdaq under the ticker GHYP, with Coinbase Custody as the primary custodian and CoinDesk Indices providing pricing data. Shares will only be available for purchase in minimum blocks of 10,000, restricting direct access to institutional and accredited participants. The filing prohibits staking rewards within the fund structure at launch but includes a staking condition that would allow for future incorporation if regulatory frameworks permit. The timing of the filing is significant, as Hyperliquid has recently entered the global cryptocurrency top ten by market cap and generated significant fee revenue.