Grayscale’s Hyperliquid ETF Moves Closer to Launch After Nasdaq Greenlight

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• Grayscale submitted another amended filing for its Hyperliquid Staking ETF.
  
• Nasdaq officially acknowledged plans to list the HYPG ETF shares.
  
• The proposed fund may include HYPE staking rewards if regulators approve the structure.

Grayscale has moved one step closer to launching its proposed Hyperliquid exchange-traded fund after submitting another amended filing to the U.S. Securities and Exchange Commission, while Nasdaq has formally acknowledged plans to list the product.

The latest development signals growing momentum for crypto investment products tied to newer blockchain ecosystems beyond Bitcoin and Ethereum. If approved, the fund would trade under the ticker HYPG and could become one of the first U.S.-listed ETFs connected to the Hyperliquid network.

Nasdaq Acknowledges Grayscale’s HYPG Listing

A certification letter dated May 27 confirmed that Nasdaq received Grayscale’s Form 8-A filing for the “Grayscale Hyperliquid Staking ETF Shares.” The exchange also notified regulators of its intent to list and register the shares publicly.

The filing marks another major milestone for the proposed HYPE ETF as Grayscale continues refining its regulatory framework ahead of a possible launch.

Bloomberg ETF analyst James Seyffart highlighted the update on X, noting that Grayscale had submitted its fourth amendment for the fund. He also pointed out that the ETF filing still does not disclose a management fee, suggesting some details remain under review before approval.

Massive Seed Investment Draws Attention

One of the most closely watched changes in the filing involves a sizable seed capital commitment tied to the ETF launch.

According to Seyffart, Hyper Holdings Global LP is expected to contribute nearly 2 million HYPE tokens, valued at roughly $113 million based on current market prices. The investment could provide substantial liquidity and help strengthen institutional confidence in the product during its early stages.

The move also reflects growing institutional interest in the Hyperliquid ecosystem, which has gained attention in recent months for its decentralized trading infrastructure and expanding token activity.

Staking Feature Could Differentiate the ETF

Grayscale’s earlier amended S-1 filing introduced another notable feature: the possibility of staking rewards tied to HYPE tokens held by the trust.

If regulators approve the structure, the ETF may generate additional returns from staking activity, similar to recent discussions surrounding staking-enabled Ethereum ETF products.

The filing states that staking would only occur if Grayscale determines the arrangement complies with securities, tax, and regulatory requirements. Maintaining the trust’s legal structure remains a key part of the proposal.

The asset manager also officially renamed the product to the “Grayscale Hyperliquid Staking ETF,” emphasizing staking as a central component of the strategy.

Also Read: Hyperliquid Enters Prediction Markets: CPI Trading Sparks 36% HYPE Rally

Grayscale’s latest SEC amendment and Nasdaq acknowledgment suggest the proposed Hyperliquid ETF is advancing steadily through the regulatory process. While approval is not guaranteed, the combination of staking exposure, large seed funding, and institutional backing could make HYPG one of the more closely watched crypto ETF launches in the coming months.

As competition in the crypto ETF market expands, issuers are increasingly looking beyond Bitcoin and Ethereum to attract investors seeking exposure to emerging blockchain ecosystems.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.