Grayscale Files S-1 for HYPE ETF on Nasdaq Under Ticker GHYP
On March 20, 2026, Grayscale Investments filed an S-1 registration statement with the SEC for the "Grayscale HYPE ETF," a passive grantor trust that would hold HYPE tokens directly and list on Nasdaq under the ticker GHYP.
Filing Details
The Grayscale HYPE ETF is structured as a Delaware Statutory Trust, formed on January 8, 2026:
- Ticker: GHYP
- Exchange: Nasdaq
- Structure: Passive grantor trust holding HYPE tokens
- Custodian: Coinbase Custody Trust Company, LLC
- Prime broker: Coinbase, Inc.
- SEC file number: 333-294493
The trust may also incorporate staking rewards, subject to regulatory conditions.
Competitive Race
Grayscale's filing enters a crowded field of HYPE ETF applications:
- Bitwise — filed earlier in 2026
- VanEck — proposed ticker VHYP
- 21Shares — competing application
- Grayscale — the latest entrant with ticker GHYP
This represents the first time multiple asset managers are racing to launch an ETF tracking a DeFi-native governance token — a category that didn't exist two years ago.
Why HYPE?
HYPE has attracted institutional attention for several reasons:
- Market cap: Among the top 20 cryptocurrencies
- Real revenue: Hyperliquid generates significant protocol fees from $10B+ daily trading volume
- No VC overhang: 76.2% community allocation means no large institutional sellers
- Regulatory clarity: Already listed on Coinbase, which signals regulatory acceptance
What Happens Next
The S-1 must be reviewed by SEC staff, who may issue comments requiring amendments. This process can take months and doesn't follow a fixed timeline. Key milestones to watch:
- SEC comment letters and Grayscale's responses
- Potential 19b-4 filing by Nasdaq for listing approval
- Final effective date of the registration
Industry Impact
If approved, a HYPE ETF would be the first U.S.-listed ETF tracking a DeFi protocol token, opening the door for traditional investors — retirement accounts, wealth managers, institutional allocators — to gain exposure to the decentralized derivatives market without directly holding crypto.