Grayscale wants to bring the world's hottest crypto trading frenzy to your brokerage account

The Hyperliquid ecosystem has experienced rapid expansion, with weekly derivatives trading volumes surpassing $50 billion and generating approximately $1.6 million in fees within a 24-hour period.

Amid this surge in activity, Grayscale Investments has submitted a proposal to the U.S. Securities and Exchange Commission to introduce an exchange-traded fund (ETF) centered around the HYPE token. The proposed ETF aims to capitalize on the growing interest in Hyperliquid’s decentralized trading platform.

According to its S-1 filing, the fund would directly hold HYPE tokens and is expected to be listed on Nasdaq under the ticker symbol GHYP. While Grayscale has indicated the possibility of staking a portion of its holdings in the future, this feature is not currently permitted. The filing also does not specify the management fee. Other firms, including Bitwise and 21Shares, have shown similar interest, with 21Shares already offering a HYPE-based exchange-traded product in Europe.

HYPE serves as the native asset of the Hyperliquid network, which powers a leading decentralized exchange offering both spot trading and perpetual futures. The platform also includes a secondary layer that supports smart contract functionality similar to Ethereum.

Perpetual futures, often referred to as “perps,” are derivative instruments that allow traders to speculate on asset prices without owning them, as they do not have an expiration date. Their continuous trading availability, leverage options, and flexibility have made them highly attractive within the crypto market.

Interest in Hyperliquid has also been driven by its expansion into traditional financial markets, enabling users to trade assets like oil, gold, and even S&P 500 contracts around the clock—something not typically possible in conventional markets.

Recent data highlights the platform’s strong momentum, with over $6.5 billion in trading volume recorded in just 24 hours. This surge has positioned Hyperliquid as a leading revenue generator, outperforming networks like BNB Chain and Bitcoin in daily fee earnings.

The platform’s growth has attracted optimistic views from industry experts. Arthur Hayes recently noted that Hyperliquid’s solid revenue model, active trading environment, and controlled token supply could potentially drive the HYPE token price significantly higher.

Currently trading around $40, HYPE has delivered a 57% gain this year, outperforming major cryptocurrencies like Bitcoin and Ether, which have seen notable declines during the same period.

Voice of Osiz

At Osiz, we see the rapid growth of the Hyperliquid ecosystem and the ETF filing by Grayscale Investments as a strong signal of institutional confidence in decentralized finance. The rising adoption of perpetual trading and the expansion into traditional asset classes highlight how DeFi platforms are evolving beyond crypto boundaries. With increasing trading volumes and revenue generation, Hyperliquid is positioning itself as a next-generation trading infrastructure. The introduction of a HYPE-based ETF further bridges the gap between traditional finance and decentralized markets. This trend reflects the growing demand for accessible, regulated investment opportunities in the crypto space. As a blockchain and AI Development Company, Osiz recognizes this shift as a key driver for future financial ecosystems. We believe such innovations will accelerate mainstream adoption and redefine global trading experiences.

Source: CoinDesk