Grayscale has officially filed to launch a spot exchange-traded fund tracking Hyperliquid’s native HYPE token. Hyperliquid is a DEX platform that has seen massive trading volumes in synthetic commodities amid the ongoing US-Iran conflict.
The asset manager’s bid joins similar applications submitted by 21Shares and Bitwise late last year.
Hyperliquid Becomes a Round-The-Clock Market
On March 20, Grayscale submitted its Form S-1 application to the US Securities and Exchange Commission (SEC). The filing proposed listing the Grayscale HYPE ETF on Nasdaq under the ticker GHYP.
“While an investment in the Shares is not a direct investment in HYPE, the Shares are designed to provide investors with a cost-effective and convenient way to gain investment exposure to HYPE,” the filing stated.
If approved, the passively managed trust will provide investors with indirect exposure to the HYPE token.
However, the filing outlines a strict tracking objective without leverage or derivatives, though it includes a provision to incorporate staking rewards should the SEC approve.
The race to financialize HYPE underscores Wall Street’s growing fascination with Hyperliquid’s underlying infrastructure.
Originally a decentralized platform for crypto perpetual futures, the Layer-1 blockchain has rapidly evolved into a 24-hour shadow market for traditional assets.
Following the HIP-3 protocol change, community members gained the ability to launch permissionless futures markets for assets like gold, silver, and oil.
As the US-Iran war injects severe volatility into global energy and metals markets, traders are increasingly turning to Hyperliquid to bypass the weekend closures of traditional commodities exchanges.
The adoption curve for these new synthetic instruments has been exceptionally steep across the broader decentralized finance landscape.
Data from Flowscan shows that the combined open interest for HIP-3 products recently surpassed a record $1.5 billion, reflecting intense market demand.
At the same time, the broader Hyperliquid platform boasts a total value locked of $4.76 billion and generated over $193 billion in perpetual derivatives volume over the past month.
The platform’s native token has surged in tandem, rising 37% over the last 30 days to around $40. Prominent industry figures, including BitMEX co-founder Arthur Hayes, have publicly forecast that the asset could breach $150 by next year.
