Grayscale files for HYPE ETF tracking largest onchain perps DEX Hyperliquid
According to the filing on Friday, the Grayscale HYPE ETF would trade on the Nasdaq under the ticker symbol GHYP if approved.
Grayscale Investments filed an application for a new exchange-traded fund tracking the HYPE token from Hyperliquid, the largest onchain perpetual derivatives exchange. According to Friday's filing, the proposed Grayscale HYPE ETF would trade on the Nasdaq under the ticker symbol GHYP if regulatory approval is granted.
Hyperliquid operates as a decentralized exchange specializing in perpetual contracts, allowing traders to take leveraged positions on cryptocurrency prices without expiration dates. The platform has emerged as a leading player in the onchain derivatives space, distinguishing itself from traditional centralized exchanges by operating entirely on blockchain infrastructure. HYPE serves as the native token powering the Hyperliquid ecosystem.
This filing represents Grayscale's continued expansion beyond Bitcoin and Ethereum into altcoin ETF products, following the firm's strategy to capitalize on growing institutional interest in diverse cryptocurrency exposure. The move signals potential mainstream recognition for decentralized derivatives platforms, which have gained significant traction among sophisticated crypto traders seeking alternatives to centralized exchanges.
The ETF application now enters the standard regulatory review process with the Securities and Exchange Commission, which typically takes several months. Market participants will be watching for the SEC's response, particularly given the agency's evolving stance on cryptocurrency ETF products beyond Bitcoin and Ethereum spot funds.
Source: The Block
