Grayscale Files for Hyperliquid ETF With SEC
Grayscale has filed SEC paperwork for a Hyperliquid ETF, joining Bitwise and 21Shares in seeking regulated exposure to the HYPE token.
Grayscale Investments has submitted regulatory filings to the United States Securities and Exchange Commission to launch an exchange-traded fund tied to the Hyperliquid (HYPE) token. The filing places the asset manager alongside competitors including Bitwise and 21Shares, which have also pursued similar products tracking the decentralized finance-focused asset.
Grayscale advances Hyperliquid ETF filing
Grayscale filed documents with the SEC to introduce a spot Hyperliquid ETF, marking a formal step beyond earlier preparatory actions such as trust registrations. The proposed fund is designed to track the price performance of the HYPE token, which underpins the Hyperliquid protocol, a blockchain and decentralized exchange focused on perpetual futures trading.
This development follows Grayscale’s earlier move in January 2026 to register a Delaware statutory trust for a Hyperliquid ETF, a standard legal precursor to a full SEC filing. According to records from the Delaware Division of Corporations, such trusts are commonly used by ETF issuers before submitting registration statements to regulators.
Competition intensifies among ETF issuers
Grayscale’s filing enters an increasingly competitive field. Bitwise previously filed for a spot Hyperliquid ETF in September 2025, seeking to create a product that directly holds the HYPE token.
Similarly, 21Shares submitted its own Hyperliquid ETF application to the SEC in October 2025, signaling growing institutional interest in altcoin-based exchange-traded products.
The sequence of filings reflects a pattern of multiple asset managers pursuing exposure to the same digital asset category through regulated investment vehicles, particularly in the decentralized finance sector.
Hyperliquid’s role in ETF filings
Hyperliquid operates as a blockchain designed for decentralized derivatives trading, with its native HYPE token used for transaction fees and platform incentives. The protocol has gained traction within the decentralized finance ecosystem, contributing to its emergence as a target for ETF issuers seeking to expand beyond established cryptocurrencies.
Hyperliquid has processed significant trading volumes within decentralized perpetual futures markets, reinforcing its positioning as a core infrastructure platform in that segment.
Broader expansion of altcoin ETF strategies
Grayscale’s Hyperliquid filing aligns with its broader strategy of expanding crypto investment products beyond Bitcoin and Ethereum. The firm has previously pursued ETFs tied to multiple digital assets, including Solana and diversified crypto index products.
The surge in filings from Grayscale, Bitwise, and 21Shares reflects a wider trend of asset managers seeking regulatory approval for altcoin-based ETFs in the United States. This wave of applications has contributed to a growing backlog of crypto ETF proposals under SEC review, as firms compete to bring new digital asset exposures to traditional financial markets.
