Grayscale Files for Hyperliquid ETF (GHYP): DeFi Arrives on Nasdaq
📋 En bref (TL;DR)
- Grayscale files for a HYPE ETF: the asset manager submitted an S-1 form to the SEC on March 20, 2026 to launch the Grayscale HYPE ETF, an exchange-traded fund listed on the Nasdaq under the ticker GHYP that would directly hold HYPE tokens from the Hyperliquid network.
- Coinbase Custody and CoinDesk: the fund will use Coinbase Custody as its custodian and CoinDesk indices to calculate the net asset value (NAV), ensuring a solid institutional framework.
- Staking prohibited, but planned: the S-1 filing specifies that no staking activity is currently authorized, but includes a “Staking Condition” clause that opens the door to this possibility as soon as regulations allow it.
- Three issuers in the race: Grayscale joins Bitwise (ticker BHYP, NYSE Arca, 0.67% management fee) and 21Shares (ETP in Europe, 2.5% TER), creating a true race for Hyperliquid-backed financial products.
- Hyperliquid dominates on-chain trading: the world’s largest derivatives DEX boasts weekly volume exceeding $50 billion and daily fees of $1.6 million.
- Favorable geopolitical context: tensions related to the Iran conflict drove DEX volumes higher, as traders turned to Hyperliquid to trade oil, gold, and crypto around the clock, including on weekends.
- DeFi finally gets ETF access: the classification of 16 tokens as commodities by the SEC and CFTC on March 17, 2026 paves the way for a new wave of exchange-traded funds on DeFi assets.
Grayscale, the world’s largest digital asset manager, filed an S-1 form with the SEC on March 20, 2026 to create an ETF backed by the HYPE token from the Hyperliquid network. The product, named the Grayscale HYPE ETF, would be listed on the Nasdaq under the ticker GHYP. This move is part of a broader trend: after Bitcoin and Ethereum, it is now decentralized finance knocking on Wall Street’s door.
The filing comes just three days after the SEC and CFTC officially classified 16 crypto assets as digital commodities. A strong signal for the industry: if U.S. regulators recognize the legitimacy of these assets, fund managers are rushing to package them into vehicles accessible to the general public. And Hyperliquid, with its record-breaking volumes and profitable business model, has become one of DeFi‘s most credible candidates.
What Grayscale’s S-1 filing contains
The Grayscale HYPE ETF would directly hold HYPE tokens, the native cryptocurrency of the Hyperliquid network, and would be listed on the Nasdaq under the ticker GHYP. For investors, this means direct exposure to the token without having to manage a wallet, set up a seed phrase, or interact with a decentralized protocol.
Coinbase Custody Trust Company will serve as custodian for the secure storage of the tokens. The net asset value (NAV) will be calculated daily using CoinDesk benchmark indices, a choice consistent with practices already established for spot Bitcoin and Ethereum ETFs in the United States. Notably, management fees have not yet been disclosed. Grayscale is reserving the option to adjust its pricing based on the competition — and competition is already fierce.
The staking question
The S-1 explicitly states that the fund will not engage in any staking activity on the tokens held. However, the document includes a clause called the “Staking Condition” that provides for the possibility of enabling staking in the future, subject to an appropriate regulatory framework.
This cautious approach reflects the SEC’s still-ambiguous stance on staking within financial products. The agency has not yet formally authorized staking within ETFs, even though discussions have been ongoing since the approval of spot Ethereum ETFs in 2024. By including this clause, Grayscale is preparing to activate this feature as soon as the green light is given — investors would then benefit from network yield on top of price exposure to the token.
Three issuers, three approaches: the Hyperliquid ETF race
Grayscale is not alone in this space. Institutional interest in Hyperliquid has translated into three distinct financial products, each with its own strategy.
Bitwise BHYP — first to the finish line
Bitwise filed its application as early as September 2025, then amended it in December to finalize the details. Its ETF, under the ticker BHYP, would be listed on NYSE Arca with annual management fees of 0.67%. Notably, Bitwise plans to stake the majority of HYPE tokens held by the fund to generate additional yield for investors. Anchorage Digital Bank would handle asset custody.
Bloomberg Intelligence analyst Eric Balchunas noted that Bitwise’s latest amendments indicate a potentially imminent launch. If the product receives SEC approval, it could become the very first Hyperliquid ETF available in the United States.
21Shares — the European option
In Europe, 21Shares has taken the lead. The Swiss asset manager launched its Hyperliquid ETP (Exchange-Traded Product) on the SIX Swiss Exchange as early as August 2025. With a TER (Total Expense Ratio) of 2.5% per year and approximately 27 million euros in assets under management, this product already offers institutional exposure to the HYPE token for European investors.
The cost remains significant, however. At 2.5%, the 21Shares TER is nearly four times higher than Bitwise’s proposed 0.67% fee — a gap that partly reflects the differences in maturity between the U.S. and European markets for crypto products.
The comparison table
In summary: Bitwise is betting on integrated staking and low fees to attract the U.S. market, Grayscale is playing the brand recognition and distribution network card, and 21Shares is targeting European investors with an already-available product. Competition among these three players should benefit end investors in terms of fees and innovation.
Hyperliquid: the DEX that conquered derivatives traders
To understand Wall Street’s interest in a DeFi token, you need to look at Hyperliquid’s numbers. The protocol has become the world’s largest on-chain derivatives DEX, and its metrics rival those of some centralized platforms.
Volumes that defy logic
In March 2026, Hyperliquid boasts weekly derivatives trading volume exceeding $50 billion. The daily fees generated by the protocol reach $1.6 million — revenue that is entirely redistributed to the community through the HLP (Hyperliquidity Provider) and the protocol’s assistance fund.
The platform offers perpetual contracts on over 100 assets with leverage up to 50x. Its dedicated blockchain (Hyperliquid L1) executes orders in under one second with a fully on-chain order book — a decisive technical advantage over other derivatives DEXs.
The Iran conflict, an unexpected catalyst
The geopolitical context catalyzed this growth. In late February 2026, U.S.-Israeli strikes in Iran shook the markets — during the weekend, while traditional exchanges were closed. Traders massively turned to crypto platforms, which operate 24/7.
JPMorgan highlighted in a report that Hyperliquid’s oil contract reached $1.7 billion in daily volume during the crisis, with approximately $300 million in open interest. Tokenized gold (XAUT) saw its volumes triple. These figures demonstrated that Hyperliquid is no longer just a crypto DEX: it is a multi-asset trading infrastructure capable of capturing flows during periods of geopolitical stress.
This phenomenon demonstrated a fundamental DeFi thesis: decentralized markets offer a continuity of service that traditional finance cannot guarantee. When quick reactions are needed, a DEX that never closes becomes an indispensable tool.
DeFi enters the ETF era
Grayscale’s filing for a Hyperliquid ETF is not an isolated event. It is part of a broader trend: the progressive financialization of DeFi protocols through exchange-traded products.
The SEC/CFTC classification of March 17, 2026
On March 17, 2026, the SEC and CFTC jointly published a 68-page document formally classifying crypto assets under U.S. federal law. 16 tokens were designated as digital commodities: Bitcoin, Ethereum, XRP, Solana, Cardano, Avalanche, Polkadot, Chainlink, Dogecoin, Litecoin, Bitcoin Cash, Hedera, Stellar, Tezos, Shiba Inu, and Aptos.
An asset recognized as a commodity falls under the jurisdiction of the CFTC, a regulator that has historically been more favorable than the SEC. This paves the way for a wave of ETF filings on tokens that, until now, operated in a regulatory gray area. HYPE is not yet on this list, but filings from major managers like Grayscale and Bitwise reflect confidence that the framework will expand to include high-utility DeFi tokens.
Is DeFi blockchain’s true use case?
In a statement that generated significant buzz, Lily Liu, president of the Solana Foundation, declared on March 21, 2026 that “blockchain gaming is dead and will not come back.” As early as February, she had described attempts to turn blockchains into gaming and Web3 platforms as “intellectually lazy misadventures,” insisting that blockchains have always been and will remain “tech for finance.”
This strongly worded stance sheds interesting light on Hyperliquid’s success. While gaming, the metaverse, and social Web3 struggle to find their business model, DeFi boasts concrete revenue, growing volumes, and now institutional interest measured by ETF filings. Hyperliquid embodies this thesis: a protocol generating $1.6 million in daily fees does not need a speculative narrative to justify its valuation.
What this means for investors
For retail investors, the arrival of Hyperliquid ETFs significantly simplifies access. Rather than buying HYPE on a DEX and managing a wallet, it will be possible to gain exposure to the token through a simple brokerage account — just like buying a stock or a traditional ETF.
Several questions remain open, however. Annual management fees (between 0.67% and 2.5% depending on the issuer) will eat into performance. The SEC approval date is unknown and the process may take several months. The volatility of a DeFi token also remains much higher than that of Bitcoin or Ethereum ETFs. Finally, the ETF does not provide access to the protocol’s yield: fees distributed through the HLP only benefit direct liquidity providers, unless staking is activated in the future as provided for in Grayscale’s clause.
Grayscale’s filing nonetheless marks a turning point. It validates Hyperliquid as a protocol mature and profitable enough to attract traditional finance, and confirms that DeFi is becoming a full-fledged institutional investment segment.
Glossary
ETF (Exchange-Traded Fund)
An investment fund listed on a stock exchange whose shares can be bought and sold like stocks. A crypto ETF allows investing in a digital asset (Bitcoin, Ethereum, HYPE) without directly holding the cryptocurrency, through a simple brokerage account.
DEX (Decentralized Exchange)
A decentralized exchange platform operating on the blockchain, without a centralized intermediary. Users trade directly with each other through smart contracts. Hyperliquid is the largest DEX specializing in derivatives (perpetual contracts).
DeFi (Decentralized Finance)
A set of financial services (lending, borrowing, trading, insurance) built on public blockchains and accessible without a banking intermediary. DeFi uses smart contracts to automate financial operations.
Staking
A mechanism involving locking tokens in a blockchain network to contribute to its security and receive rewards in return. In the context of an ETF, staking would allow the fund to generate additional yield on the tokens held.
S-1 Form
A regulatory document filed with the SEC (Securities and Exchange Commission) by a company wishing to issue financial securities in the United States. It is the mandatory first step before launching an ETF or an initial public offering.
Frequently Asked Questions
What is the Grayscale HYPE ETF and when will it be available?
The Grayscale HYPE ETF is an exchange-traded fund that would directly hold HYPE tokens from the Hyperliquid network. Grayscale filed the S-1 form with the SEC on March 20, 2026, but the approval process may take several months. No launch date has been confirmed. The fund would be listed on the Nasdaq under the ticker GHYP.
What is the difference between the Hyperliquid ETFs from Grayscale, Bitwise, and 21Shares?
Grayscale (GHYP, Nasdaq) has not yet disclosed its fees and prohibits staking for now. Bitwise (BHYP, NYSE Arca) charges 0.67% in fees and plans to integrate staking to generate additional yield. 21Shares offers an ETP already available in Europe on the SIX Swiss Exchange with a 2.5% TER. For European investors, 21Shares is the only immediately accessible product.
Why are asset managers so interested in Hyperliquid?
Hyperliquid is the world’s largest on-chain derivatives DEX, with weekly volume exceeding $50 billion and daily fees of $1.6 million. Unlike many crypto projects, Hyperliquid generates concrete and growing revenue, making it a credible candidate for an institutional financial product.
Does the classification of 16 tokens as commodities by the SEC apply to HYPE?
No, HYPE is not on the list of 16 tokens classified as digital commodities by the SEC and CFTC on March 17, 2026. This list includes Bitcoin, Ethereum, XRP, Solana, and 12 other assets. However, the fact that managers like Grayscale and Bitwise are filing ETF applications for HYPE indicates confidence in the future expansion of this regulatory framework.
Does a Hyperliquid ETF provide access to protocol yield?
Not directly. A spot ETF provides exposure to the HYPE token’s price, but does not grant access to revenue distributed to the protocol’s liquidity providers (via the HLP). Only Bitwise plans to integrate staking to generate additional yield. Grayscale includes a “Staking Condition” clause to enable this possibility in the future.
Sources
- CoinDesk. (2026, March 21). Grayscale wants to bring the world’s hottest crypto trading frenzy to your brokerage account.
- The Block. (2026). Bitwise amends Hyperliquid ETF filing, finalizes ticker and fee.
- SEC.gov. (2026, March 17). SEC Clarifies the Application of Federal Securities Laws to Crypto Assets.
- CoinDesk. (2026, March 20). Iran war volatility is driving oil trading boom on Hyperliquid, says JPMorgan.
How to cite this article: Fibo Crypto. (2026). Grayscale Files for a Hyperliquid ETF (GHYP): DeFi Arrives on the Nasdaq. Retrieved March 22, 2026 from https://fibo-crypto.fr/blog/grayscale-etf-hyperliquid-hype-nasdaq
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