Grayscale Files For HYPE ETF – Here’s What To Know

Prominent asset supervisor Grayscale has moved to launch a HYPE exchange-traded fund (ETF) following a current utility with the SEC. This improvement means Grayscale joins an inventory of rising asset managers with the intention so as to add an HYPE fund to their portfolio. 

About The Grayscale HYPE ETF

According to filings on March 20, Grayscale has now submitted an S-1 registration kind for the Grayscale HYPE ETF with the US Securities and Exchange Commission (SEC). The proposed fund is predicted to commerce on the NASDAQ alternate below the GHYP image. For context, HYPE represents the native token of Hyperliquid, a layer one blockchain designed to boost the effectivity of decentralized finance purposes. One distinguished characteristic of Hyperliquid is its potential to facilitate direct perpetual futures buying and selling, eliminating the necessity for gasoline charges in transactions. 

Hyperliquid was launched in 2023, with HYPE token making its debut in 2024. Since then, the altcoin has skilled spectacular traction, leading to a market cap of $10.23 billion, making it the tenth largest cryptocurrency on this planet, in keeping with information from CoinMarketCap. In relation to the Grayscale HYPE ETF, Delaware Trust Company would be the designated trustee, whereas the Bank of New York Mellon is the switch agent, and can serve alongside the co-transfer agent Continental Stock Transfer & Trust Company. In addition, the Coinbase Custody Trust LLC will function custodian of the fund, as practiced with different Grayscale ETFs.

The fund’s prospectus additionally states there may be the potential for partaking in staking sooner or later. However, this might solely happen after the staking situation has been happy. Alongside Grayscale, different asset managers trying to launch a HYPE ETF embrace 21Shares and Bitwise. Notably, the SEC below Chairman Paul Atkins has been granting approval to a collection of crypto-related ETFs in step with advancing President Donald Trump’s pro-crypto agenda. This contains spot ETFs associated to XRP, Solana, Dogecoin, Chainlink, Avalanche, and Litecoin.

HYPE Price Overview

At the time of writing, HYPE is buying and selling at $39.44 after a minor 1.18% decline in 24 hours. Meanwhile, altcoin has recorded a 38.29% acquire within the final month, rising as one of many standout performers within the crypto market. Notably, Coincodex analysts predict HYPE is positioned to hit a $88.34 value by 12 months’s finish, representing 124.11% acquire on current market costs.