Grayscale has submitted an application for a spot exchange-traded fund (ETF) focused on the Hyperliquid protocol, aiming to track the price of the HYPE token. If approved, the ETF would trade under the ticker symbol GHYP on the Nasdaq. This filing, which was made to the Securities and Exchange Commission on Friday, identifies Coinbase as the custodian for the proposed fund but does not specify any management fees.
Grayscale's move aligns with similar efforts from other firms, including Bitwise and 21Shares, both of which have also pursued Hyperliquid-related ETFs. Grayscale may potentially include staking rewards for investors in the fund in the future, contingent upon certain conditions. Meanwhile, the trading activity on Hyperliquid remains robust, with weekly volumes fluctuating between $40 billion and $100 billion, despite a decrease from August peaks.
While new competitors have emerged, Hyperliquid continues to lead in the perpetuals trading market. Total weekly trading volumes in this sector have averaged between $125 billion and $300 billion this year.