Key Takeaways
- • Grayscale filed a third SEC amendment for its proposed Hyperliquid ETF with updated ticker symbol "GHYP" and a competitive 0.29% expense ratio, positioning it below existing competitors Bitwise (0.34%) and 21Shares.
- • HYPE token has demonstrated resilience, reaching an all-time high of $73.48 on June 1 and trading up 17% for the week despite concurrent weakness in Bitcoin ETFs, which recorded net outflows over 10 consecutive trading days.
- • The Hyperliquid token commands approximately $13 billion in circulating market capitalization, ranking as the 8th largest crypto asset by market value according to Grayscale research.
- • Grayscale's proposed fund incorporates a staking feature that permits the trust to earn yield on HYPE tokens if approved by regulators—a potential competitive advantage not offered by existing Bitwise and 21Shares HYPE ETFs.
- • Existing Hyperliquid ETF products from Bitwise and 21Shares recorded more than $60 million in combined inflows during the week, signaling sustained institutional demand for exchange-traded exposure to the Hyperliquid ecosystem.
Summary
Grayscale Investments, which manages approximately $35 billion in digital assets under management, filed a third amendment to its proposed Hyperliquid spot ETF registration with the Securities and Exchange Commission on Friday, June 3, 2026. The latest filing updates the proposed ticker symbol to "GHYP" and represents the asset manager's continued effort to bring a competitively positioned HYPE investment product to market. According to ETF analyst James Seyffart, the ETF appears positioned for imminent launch, though final SEC approval remains pending.
The Grayscale proposal carries a 0.29% expense ratio, positioning it below competing Hyperliquid ETFs already launched by Bitwise (which charges 0.34% after an initial fee waiver) and 21Shares. This fee structure underscores intensifying competition within the emerging crypto ETF category. Notably, Hyperliquid-linked ETFs from Bitwise and 21Shares recorded combined inflows exceeding $60 million during the week, reflecting robust institutional appetite for spot exposure to the Hyperliquid exchange ecosystem.
A key differentiator for Grayscale's offering is a staking feature embedded in the trust agreement, which permits Grayscale to generate yield on HYPE token holdings subject to regulatory approval. This yield-generation capability could provide a structural advantage relative to existing competitors, appealing to investors seeking enhanced returns beyond price appreciation.
The HYPE token has demonstrated significant price strength relative to broader crypto market conditions. Hyperliquid reached an all-time high of $73.48 on June 1, with the token appreciating more than 17% during the week. This performance stands in stark contrast to concurrent weakness in Bitcoin ETFs, which experienced net outflows over 10 consecutive trading days, indicating HYPE's independent momentum trajectory. By market capitalization, Hyperliquid ranks as the 8th largest crypto asset globally at approximately $13 billion in circulating supply, establishing substantial market depth for institutional participation.
Grayscale's sequential SEC amendments—initially filed in March with revisions addressing custody procedures, creation and redemption mechanics, and regulatory risk disclosure—reflect the complex review process inherent to novel crypto ETF products. The filing progression demonstrates both regulatory scrutiny and apparent forward momentum toward approval, with market participants and analysts anticipating launch within days.
The Grayscale proposal carries a 0.29% expense ratio, positioning it below competing Hyperliquid ETFs already launched by Bitwise (which charges 0.34% after an initial fee waiver) and 21Shares. This fee structure underscores intensifying competition within the emerging crypto ETF category. Notably, Hyperliquid-linked ETFs from Bitwise and 21Shares recorded combined inflows exceeding $60 million during the week, reflecting robust institutional appetite for spot exposure to the Hyperliquid exchange ecosystem.
A key differentiator for Grayscale's offering is a staking feature embedded in the trust agreement, which permits Grayscale to generate yield on HYPE token holdings subject to regulatory approval. This yield-generation capability could provide a structural advantage relative to existing competitors, appealing to investors seeking enhanced returns beyond price appreciation.
The HYPE token has demonstrated significant price strength relative to broader crypto market conditions. Hyperliquid reached an all-time high of $73.48 on June 1, with the token appreciating more than 17% during the week. This performance stands in stark contrast to concurrent weakness in Bitcoin ETFs, which experienced net outflows over 10 consecutive trading days, indicating HYPE's independent momentum trajectory. By market capitalization, Hyperliquid ranks as the 8th largest crypto asset globally at approximately $13 billion in circulating supply, establishing substantial market depth for institutional participation.
Grayscale's sequential SEC amendments—initially filed in March with revisions addressing custody procedures, creation and redemption mechanics, and regulatory risk disclosure—reflect the complex review process inherent to novel crypto ETF products. The filing progression demonstrates both regulatory scrutiny and apparent forward momentum toward approval, with market participants and analysts anticipating launch within days.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.