Key Takeaways:
- Grayscale filed a third HYPE ETF amendment with the SEC on May 28
- Nasdaq accredited the fund's listing application under ticker GHYP
- Rival HYPE ETFs from Bitwise and 21Shares drew $60M in weekly inflows
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Grayscale files third HYPE ETF amendment as $60M flows into rivals
Grayscale Investments filed a third amended registration for its Hyperliquid exchange-traded fund after Nasdaq accredited the listing application, according to Bloomberg analyst James Seyffart.
The latest filing updates the proposed ticker to GHYP and includes a staking feature that could generate yield from the Hyperliquid blockchain's proof-of-stake mechanism, Seyffart said. The trust agreement permits Grayscale to stake HYPE tokens for yield, subject to regulatory approval, potentially differentiating its product from competing offerings. The fund would be custodied by Anchorage Digital Bank, with Bank of New York Mellon serving as administrator and transfer agent.
The filing is Grayscale's third HYPE ETF application, following earlier submissions in March and April that updated operational details, risk disclosures, and custody arrangements. Grayscale, which manages roughly $35 billion in digital assets under management, previously named Anchorage Digital Bank as custodian in an April amendment, replacing Coinbase as the fund's prime broker.
The proposed fund would join spot HYPE ETFs from Bitwise and 21Shares that launched earlier this month. Bitwise's BHYP fund targets staking roughly 70% of assets with a 2.25% gross staking reward rate and held more than $40 million in net assets as of May 21. The 21Shares THYP fund charges a 0.30% management fee and tracks HYPE while potentially reflecting staking rewards.
Hyperliquid-linked ETFs from Bitwise and 21Shares recorded more than $60 million in combined inflows this week, pushing HYPE's market capitalization above $14.5 billion. HYPE traded near $55 on Thursday, retreating from its May 21 all-time high above $62. On Stocktwits, retail sentiment around HYPE remained in the extremely bullish zone while chatter stayed at extremely high levels over the past day.
The Grayscale filing reflects a broader push by traditional asset managers into crypto ETF products beyond Bitcoin and Ethereum. VanEck launched the first US spot BNB ETF on Nasdaq earlier this week with a 0.39% sponsor fee, while Morgan Stanley filed for a Solana staking ETF earlier this month. Crypto analyst Michael van de Poppe has projected HYPE could eventually climb above $100, according to CoinDesk.
This article is for informational purposes only and does not constitute investment advice.
[1] Breaking: Grayscale Files New HYPE ETF Filing After Nasdaq Approval[2] Grayscale's Third Hyperliquid ETF Amendment Eyes Staking Edge Over Bitwise,...[3] VanEck launches first U.S. spot BNB ETF on Nasdaq[4] Grayscale Adds Staking Feature to Its Hyperliquid ETF Filing - CryptoRank[5] Grayscale Amends HYPE ETF Filing Again As Hyperliquid ETF Race Heats Up - Common Shares of Beneficial Int - Benzinga
