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Grayscale Investments has filed Amendment No. 2 to its S-1 form with the U.S. Securities and Exchange Commission (SEC), formally advancing its proposed exchange-traded fund (ETF) on Hyperliquid. The product, named the Grayscale HYPE ETF, is designed to provide direct exposure to the HYPE token without requiring investors to self-custody the asset, using a structure described as similar to that of spot Bitcoin and Ethereum ETFs.
One of the most significant additions in the amendment is the inclusion of staking-related clauses. Grayscale would allow the fund to generate returns from staking its HYPE holdings, subject to regulatory approval of the staking structure. The company also indicated the product could be renamed the Grayscale Hyperliquid Staking ETF if the staking approach is approved.
Grayscale’s filings cite Hyperliquid’s growing institutional profile. As of March 31, 2026, HYPE ranked among the ten largest digital assets by market capitalization, and reported daily trading volume exceeded $230 million.
On the operational side, the amendment states that Anchorage Digital Bank replaced Coinbase as custodian, while BNY Mellon continues to handle administrative functions.
The filing advances Grayscale’s effort to bring HYPE exposure to an ETF wrapper while adding a potential staking component that could broaden the fund’s return sources, pending SEC approval.
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