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Grayscale Investments filed Amendment No. 2 to its Form S-1 registration statement with the United States Securities and Exchange Commission on May 11, 2026, to formally advance its proposed Hyperliquid ETF.
Hyperliquid enters institutional stage
As competition for altcoin ETF products heats up, institutional interest in Hyperliquid's native token, HYPE, continues to grow, according to the updated filing. The proposed product, which is currently known as the Grayscale HYPE ETF, is intended to give investors direct exposure to HYPE tokens without requiring them to hold the asset themselves, according to the filing. By keeping actual HYPE tokens inside the fund structure, the trust would operate similarly to spot Ethereum and Bitcoin ETFs.
The addition of staking language is one of the amendment's most significant changes. Grayscale included clauses that might allow the ETF to profit from staking HYPE holdings if U.S. regulators approve the structure. The company even hinted that the product might eventually be known as the Grayscale Hyperliquid Staking ETF.
The filing also demonstrates Hyperliquid's rapid transformation from a specialized decentralized derivatives platform into a viable institutional contender. According to Grayscale's own records, as of March 31, 2026, HYPE was among the top ten digital assets by market capitalization, with daily trading volume surpassing $230 million.
The ETF structure is also getting closer to completion from an operational standpoint. Anchorage Digital Bank took over Coinbase's role as custodian in earlier amendments, but BNY Mellon continues to handle administrative and transfer-agent duties. That change suggests Grayscale is improving the product for long-term institutional compatibility and regulatory credibility.
It also matters to consider the broader context. The filing of Hyperliquid ETFs is no longer restricted to Grayscale. Hyperliquid is becoming one of the fastest-growing institutional narratives in cryptocurrency, as companies like Bitwise and 21Shares compete to introduce rival HYPE investment products.
Although this filing does not ensure approval for the market, it does confirm a crucial point: Hyperliquid is no longer viewed as a speculative side project. Wall Street is actively constructing the infrastructure around it.
Dan Burgin
U.Today Editorial Team
