Grayscale Files Nasdaq Listing for Hyperliquid HYPE ETF

Grayscale has filed with the SEC for an ETF holding Hyperliquid's HYPE token. The proposed fund will trade on Nasdaq under GHYP, tracking the token's value less expenses.

This follows surging institutional interest in Hyperliquid. The derivatives platform recently processed $191.4 billion in 30-day perpetual volume and launched an S&P 500 perpetual market with $100 million in 24-hour volume.

HYPE token has surged 45% since late February, trading near $39. Asset managers including 21Shares are pursuing similar ETFs as investment expands beyond Bitcoin and Ether.