Prominent asset manager Grayscale has launched a HYPE exchange-traded fund (ETF) following a recent filing with the SEC. This development means that Grayscale joins a list of growing asset managers with the intention of adding a HYPE fund to their portfolio.
About the Grayscale HYPE ETF
According to files on March 20, Grayscale has now filed an S-1 registration form for the Grayscale HYPE ETF with the U.S. Securities and Exchange Commission (SEC). The proposed fund is expected to trade on the NASDAQ stock exchange under the symbol GHYP. For context, HYPE represents Hyperliquid’s native token, a layer one blockchain designed to improve the efficiency of decentralized financial applications. A notable feature of Hyperliquid is its ability to facilitate instant perpetual futures trading, eliminating the need for gas fees on trades.
Hyperliquid was launched in 2023 and the HYPE token made its debut in 2024. Since then, the altcoin has seen impressive traction, resulting in a market cap of $10.23 billion, making it the 10th largest cryptocurrency in the world, according to data from CoinMarketCap. With respect to the Grayscale HYPE ETF, Delaware Trust Company will be the designated trustee, while Bank of New York Mellon will be the transfer agent, acting alongside co-transfer agent Continental Stock Transfer & Trust Company. In addition, Coinbase Custody Trust LLC will serve as the fund’s custodian, as is the case with other Grayscale ETFs.
The fund’s prospectus also states that there is the option to invest in the future. However, this would only happen after the staking condition is met. In addition to Grayscale, 21Shares and Bitwise are other asset managers that want to launch a HYPE ETF. Notably, the SEC under Chairman Paul Atkins has approved a range of crypto-related ETFs in line with advancing 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 small decline of 1.18% in 24 hours. Meanwhile, altcoin has posted a gain of 38.29% in the past month, becoming one of the standout players in the crypto market. Notably, Coincodex analysts predict that HYPE will reach a price of $88.34 by the end of the year, which represents a gain of 124.11% from current market prices.