Key Takeaways
- • Grayscale has filed its third S-1 amendment with the SEC for proposed Hyperliquid (HYPE) ETF, advancing the regulatory approval process for a cryptocurrency-based exchange-traded fund tied to the Hyperliquid trading network's native asset.
- • The Grayscale HYPE ETF, a Delaware Statutory Trust formed on January 8, 2026, represents the company's continued expansion into spot cryptocurrency ETF offerings following successful launches in other digital assets (XRP, NEAR Protocol).
- • Filing an S-1 registration statement is the first major regulatory step toward ETF launch approval; the filing does not constitute SEC approval but initiates the formal registration process with the Commission.
- • Edward McGee, Chief Financial Officer of Grayscale Investments Sponsors, LLC (based in Stamford, Connecticut), is identified as the agent for service on the registration statement.
- • The proposed ETF is expected to list on Nasdaq, marking another entry point for institutional investors to gain exposure to alternative cryptocurrency assets through traditional brokerage accounts.
Summary
Grayscale Investments has filed its third S-1 amendment with the Securities and Exchange Commission for its proposed Hyperliquid (HYPE) ETF, according to Bloomberg ETF analyst James Seyffart. The Grayscale HYPE ETF, officially established as a Delaware Statutory Trust on January 8, 2026, represents the asset manager's latest cryptocurrency-focused exchange-traded fund application. The SEC filing was initially submitted on March 20, 2026, with subsequent amendments filed on May 11, 2026, and most recently on May 23, 2026, as the company works through the regulatory approval process.
The proposed fund is designed to provide exposure to HYPE, the native asset of the Hyperliquid trading network, enabling institutional and retail investors to gain cryptocurrency exposure through conventional brokerage accounts. This filing follows Grayscale's successful track record in converting cryptocurrency trusts into spot ETFs, including recent launches in XRP and NEAR Protocol, both of which have gained SEC approval and now trade on major exchanges. The Grayscale HYPE ETF is proposed for listing on Nasdaq.
The S-1 registration statement filing represents the initial regulatory hurdle in the ETF approval process rather than final approval. Edward McGee, Chief Financial Officer of Grayscale Investments Sponsors, LLC (headquartered at 290 Harbor Drive in Stamford, Connecticut), serves as the agent for service on the registration. Legal counsel Davis Polk & Wardwell LLP is representing the company in the filing. While the registration process can extend over several months, Grayscale indicated in its prospectus that it expects to commence the proposed sale to the public as soon as practicable after the registration statement becomes effective with the SEC.
The proposed fund is designed to provide exposure to HYPE, the native asset of the Hyperliquid trading network, enabling institutional and retail investors to gain cryptocurrency exposure through conventional brokerage accounts. This filing follows Grayscale's successful track record in converting cryptocurrency trusts into spot ETFs, including recent launches in XRP and NEAR Protocol, both of which have gained SEC approval and now trade on major exchanges. The Grayscale HYPE ETF is proposed for listing on Nasdaq.
The S-1 registration statement filing represents the initial regulatory hurdle in the ETF approval process rather than final approval. Edward McGee, Chief Financial Officer of Grayscale Investments Sponsors, LLC (headquartered at 290 Harbor Drive in Stamford, Connecticut), serves as the agent for service on the registration. Legal counsel Davis Polk & Wardwell LLP is representing the company in the filing. While the registration process can extend over several months, Grayscale indicated in its prospectus that it expects to commence the proposed sale to the public as soon as practicable after the registration statement becomes effective with the SEC.
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