Grayscale Files S-1 for HYPE ETF (GHYP) on Nasdaq, May Allow Staking

Grayscale has filed an S-1 with the SEC for a spot HYPE ETF that would hold HYPE, the native token of the Hyperliquid network, and seek a Nasdaq listing under ticker GHYP. The filing suggests staking may be added later via a “Staking Condition,” but staking is not enabled now. The S-1 also does not disclose a proposed fee. The move comes as traders keep pushing Hyperliquid’s activity. Data cited in the filing shows weekly derivatives volume above $50B and over $6.5B traded in the past 24 hours. Artemis data also puts Hyperliquid revenue at about $1.6M over the last 24 hours, well above BNB Chain and the Bitcoin blockchain. Hyperliquid is centered on perpetual futures (perps) and spot trading, with a smart-contract layer enabling token-style exposure; the article also notes the addition of an S&P 500 perpetual contract. On outlook, Arthur Hayes (BitMEX co-founder, Maelstrom CIO) argues HYPE could reach $150, citing revenue, real usage, and disciplined token supply. HYPE was around $40 at reporting time (up strongly year-to-date) while BTC and ETH were weaker. Competition is increasing: Bitwise and 21Shares have also filed HYPE ETFs, and 21Shares already runs a Europe HYPE ETP with a 2.5% TER. Next steps: Nasdaq’s 19b-4 process and SEC approval. If the regulatory path progresses, this Grayscale HYPE ETF could become a key catalyst for HYPE flows and short-term sentiment, as traders price in expanding U.S. access.