Prominent asset manager Grayscale has filed to launch a HYPE exchange-traded fund (ETF) with the SEC. The Grayscale HYPE ETF, expected to trade under the symbol GHYP on NASDAQ, will focus on the HYPE token of the Hyperliquid blockchain. Hyperliquid, launched in 2023, is a layer one blockchain designed to enhance decentralized finance (DeFi) efficiency, notably by facilitating direct perpetual futures trading without gas fees.
HYPE, which debuted in 2024, has a market cap of $10.23 billion, making it the 10th largest cryptocurrency globally. Delaware Trust Company will act as the trustee, and the Bank of New York Mellon will serve as the transfer agent. Coinbase Custody Trust LLC will manage the fund's custody, similar to other Grayscale ETFs.
The ETF may engage in staking in the future, subject to certain conditions. Other asset managers like 21Shares and Bitwise are also eyeing HYPE ETF launches. The SEC, under Chairman Paul Atkins, has approved several crypto-related ETFs, aligning with pro-crypto policies.
Currently, HYPE is trading at $39.44, down 1.18% over 24 hours, but up 38.29% in the last month. Analysts predict HYPE could reach $88.34 by year-end, a 124.11% increase.