Grayscale eyes Hyperliquid with new HYPE ETF file

Grayscale has filed an S-1 registration statement for the HYPE ETF, a product it plans to trademark Hyperliquid and list on the Nasdaq under the symbol GHYP.

The reservation he points out that the trust was created to reflect the value of the HYPE in which the car is kept, the minimum investment, and realize that the sale can include several prizes if certain conditions are met, even if the reservation does not apply to the trust.

This listing adds to the big push to bring Hyperliquid into traditional markets. Reuters reported in October that 21Shares also offered the HYPE ETF, indicating that asset managers are moving quickly to join the brand as the organization’s interest grows beyond Bitcoin and Ether.

That interest is tied to Hyperliquid’s growth in the chain. DefiLlama data shows the network to be organized about $191.4 billion in permanent volume over 30 days, about $9.4 billion over the last 24 hours, and about $4.1 trillion cumulatively, with an open interest of about $7 billion.

The Grayscale prospectus also confirms Hyperliquid’s position among onchain businesses. The reservation describes the network as a fully onchain book system built around a permanent future and a market place, not a machine that creates a market model that works and kills many decentralized.

Price action has followed that trend, with HYPE last trading near $39, down about 0.6% on the day but up nearly 45% since the end of February.

The latest rally comes as Hyperliquid expands beyond the traditional crypto markets. Investor interest has risen as traders use the platform’s 24/7 facility to speculate on stocks and other real-world exposures.

Hyperliquid also reached a new high today, with its new S&P 500 market benchmark. above $100 million in 24-hour volume and quickly become one of the chain’s 10 major markets.