Grayscale Submits Third Amendment for Proposed Hyperliquid ETF

Grayscale has filed its third amendment to its proposed Hyperliquid exchange-traded fund (ETF) registration with the US Securities and Exchange Commission (SEC). The amendment updated the proposed ticker symbol for the fund to 'GHYP', according to Bloomberg analyst James Seyffart. This is Grayscale's third attempt at launching a Hyperliquid ETF.

The SEC review process has seen multiple revisions, including updates on operational details, risk disclosures, and structural language tied to custody, creation, and redemption procedures. The trust agreement permits Grayscale to stake HYPE tokens for yield, subject to regulatory approval. This feature could differentiate the Grayscale product from competing HYPE ETF offerings.

Bitwise and 21Shares have launched their own Hyperliquid-linked exchange-traded funds (ETFs) earlier this month, which recorded combined inflows of over $60 million this week, pushing Hyperliquid's market capitalization above $14.5 billion. Michaël van de Poppe said that 'Hyperliquid can easily go to $100+ from here' due to structural advantages driving rapid adoption.