Key Takeaways
- • Grayscale Investments has filed an S-1 registration statement with the SEC for a spot Hyperliquid ETF (ticker: GHYP) that would hold the native HYPE token directly, positioning the asset manager in a competitive race alongside Bitwise and 21Shares for crypto ETF approvals.
- • Coinbase Custody Trust Company has been designated as the custodian for the proposed HYPE ETF, a New York-regulated entity emphasizing security and regulatory compliance for institutional investors.
- • Anchorage Digital Bank has expanded its custody and staking infrastructure to support the entire Hyperliquid ecosystem, including HYPE custody on HyperEVM and HYPE staking on HyperCORE through both regulated banking entities and the Porto self-custody wallet.
- • The HYPE ETF filing reflects Grayscale's strategic expansion into emerging layer-1 blockchain ecosystems following the SEC's landmark approvals for spot Bitcoin and Ethereum ETFs, establishing a regulatory pathway for single-asset crypto products.
- • Anchorage Digital's HYPE staking offering represents a partnership with Figment, a leading institutional staking infrastructure provider, enabling institutions to participate in the Hyperliquid ecosystem through regulated, custody-grade solutions.
Summary
Grayscale Investments has filed a Form S-1 registration statement with the U.S. Securities and Exchange Commission seeking approval to launch a spot Hyperliquid Exchange-Traded Fund under the ticker symbol GHYP. The filing, initially reported in April 2025, marks a significant institutional play in the race to offer regulated exposure to Hyperliquid's native HYPE token. The proposed fund would hold HYPE directly and track the token's market price, net of expenses and liabilities. This application arrives as competing asset managers Bitwise and 21Shares have similarly submitted their own spot Hyperliquid ETF applications, creating an increasingly crowded competitive landscape for crypto-linked investment products.
Coinbase Custody Trust Company, a New York-regulated custodian, has been named to hold and safeguard assets for the GHYP ETF. Coinbase's designation underscores institutional priorities around security and regulatory compliance. The choice of custodian reflects broader industry consolidation around established crypto-native banking and custody infrastructure, particularly for SEC-regulated products. This custodial arrangement is consistent with Grayscale's approach across its broader product suite, where Coinbase has served as primary custodian for multiple Grayscale trusts and ETFs managing billions in assets.
Simultaneously, Anchorage Digital Bank has expanded its institutional custody and staking capabilities to support the entire Hyperliquid ecosystem. The federally chartered bank now offers HYPE custody on HyperEVM, HYPE staking on HyperCORE, and access to the broader Hyperliquid DeFi ecosystem through its Porto institutional self-custody wallet. Anchorage Digital partnered with Figment, a leading independent staking infrastructure provider, to deliver institutional-grade staking solutions. According to Anchorage Digital CEO Nathan McCauley, the expanded offering provides institutions with "a single, secure pathway that matches their access preference and risk tolerance." This infrastructure development suggests growing institutional demand for participation in emerging blockchain ecosystems beyond Bitcoin and Ethereum.
The GHYP ETF filing follows the regulatory pathway established after the SEC approved spot Bitcoin and Ethereum ETFs, demonstrating how successful approvals for flagship assets create precedent for subsequent single-asset crypto products. Grayscale's expansion into Hyperliquid exposure aligns with its strategic positioning as a manager of on-chain capital serving institutional clients seeking diversified crypto exposure alongside traditional holdings.
Coinbase Custody Trust Company, a New York-regulated custodian, has been named to hold and safeguard assets for the GHYP ETF. Coinbase's designation underscores institutional priorities around security and regulatory compliance. The choice of custodian reflects broader industry consolidation around established crypto-native banking and custody infrastructure, particularly for SEC-regulated products. This custodial arrangement is consistent with Grayscale's approach across its broader product suite, where Coinbase has served as primary custodian for multiple Grayscale trusts and ETFs managing billions in assets.
Simultaneously, Anchorage Digital Bank has expanded its institutional custody and staking capabilities to support the entire Hyperliquid ecosystem. The federally chartered bank now offers HYPE custody on HyperEVM, HYPE staking on HyperCORE, and access to the broader Hyperliquid DeFi ecosystem through its Porto institutional self-custody wallet. Anchorage Digital partnered with Figment, a leading independent staking infrastructure provider, to deliver institutional-grade staking solutions. According to Anchorage Digital CEO Nathan McCauley, the expanded offering provides institutions with "a single, secure pathway that matches their access preference and risk tolerance." This infrastructure development suggests growing institutional demand for participation in emerging blockchain ecosystems beyond Bitcoin and Ethereum.
The GHYP ETF filing follows the regulatory pathway established after the SEC approved spot Bitcoin and Ethereum ETFs, demonstrating how successful approvals for flagship assets create precedent for subsequent single-asset crypto products. Grayscale's expansion into Hyperliquid exposure aligns with its strategic positioning as a manager of on-chain capital serving institutional clients seeking diversified crypto exposure alongside traditional holdings.
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