Grayscale Investments, the world’s largest digital asset tracking platform, with $35 billion AUM has filed its third amended S-1 filing with the US Securities and Exchange Commission (SEC) for its Hyperliquid ETF. If approved, the product is expected to trade under the ticker “GHYP” on US exchanges.
Grayscale Pushes Forward With HYPE ETF
According to Bloomberg ETF analyst James SeyffartGrayscale’s latest update is now the third major update issued to regulators of the proposed Hyperliquid ETF.
Seyffart said, “Grayscale sends another Hyperliquid ETF file! This is update, #3.”
He added that the number of filings indicates that negotiations between issuers and the SEC are progressing.
Seyffart also said US exchanges could see several HYPE ETFs competing for investor demand as Wall Street firms continue to rush into new crypto sectors.
The booking comes as interest surrounding Hyperliquid has skyrocketed this year. Hyperliquid has recently become one of the fastest growing stocks in the crypto market, fueling economic growth as its HYPE ticker ticked up close to an all-time high of over $62 earlier this month.
ETF Listing Increases Staking Rewards
One of the biggest changes in the latest update is the integration of staking.
According to the reservation, a An ETF can allowing investors to receive valuable rewards from HYPE tokens held by the trust. This means that the product can provide a representation of both the HYPE movement and the blockchain yield.
However, Grayscale explained that the effectiveness of the staking will still depend on regulatory approval and tax compliance requirements. The decision also indicated that the ETF could be called the “Grayscale Hyperliquid Staking ETF” if approved for listing on the Nasdaq.
Wall Street Interest Around HYPE Is Growing
A number of companies, including Bitwise and 21Shares, have already increased efforts related to Hyperliquid as the demand for altcoin ETFs increases after the success of Bitcoin ETFs.
The latest filing also confirmed that Anchorage Digital will serve as the custodian of the ETF’s HYPE Holdings, replacing Coinbase Custody from the previous filing.
Meanwhile, HYPE itself faced short-term problems in the crypto market. The token is down about 6% in the last 24 hours and is now traded about $55giving Hyperliquid a market value of close to $14 billion.
However, Seyffart believes that the growth of ETF competition shows that Wall Street is increasingly viewing Hyperliquid as one of the next crypto trading opportunities beyond Bitcoin and Ethereum.
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