Grayscale's Third Hyperliquid ETF Amendment Eyes Staking Edge Over Bitwise, 21Shares

• Grayscale filed a third amendment for its proposed Hyperliquid exchange-traded fund, James Seyffart said on Friday.
• The proposed fund would join Hyperliquid investment products from Bitwise and 21Shares if approved by the Securities and Exchange Commission.
• Hyperliquid-linked exchange-traded funds from Bitwise and 21Shares recorded more than $60 million in combined inflows this week as institutional interest continued rising.

Grayscale Investments filed a third amendment to its Hyperliquid (HYPE) exchange-traded fund (ETF) registration with the US Securities and Exchange Commission (SEC) on Friday, according to Bloomberg analyst James Seyffart, as the asset manager moves closer to potential launch.

The latest amendment updated the proposed ticker symbol for the fund to “GHYP.” Seyffart noted that this is the asset manager's third Hyperliquid ETF application. 

Grayscale, which manages roughly $35 billion in digital assets under management (AUM), previously submitted a filing in March and has revised the registration multiple times as part of the SEC review process. The earlier amendments updated operational details, risk disclosures, and structural language tied to custody, creation, and redemption procedures.

The trust agreement permits Grayscale to stake HYPE tokens for yield, subject to regulatory approval. This potential yield-generation feature could differentiate the Grayscale product from competing HYPE ETF offerings. If approved, the product would join spot HYPE ETFs from Bitwise and 21Shares, which were launched earlier this month.

Hyperliquid’s price, however, pulled back after hitting a new high earlier this week. The token slipped roughly 9% over the past 24 hours after climbing above $62 and reaching fresh record highs during the recent surge. On Stocktwits, the retail sentiment around HYPE remained in the ‘extremely bullish’ zone, while chatter around it stayed in ‘extremely high’ levels over the past day.

Institutional Demand Rises 

The filing arrives as institutional interest around Hyperliquid-linked products continues to grow. The newly launched Bitwise Hyperliquid ETF (BHYP) and 21Shares Hyperliquid ETF (THYP) recorded combined inflows of more than $60 million this week, helping push Hyperliquid's market capitalization above $14.5 billion.

The Grayscale filing also reflects a broader institutional push into crypto asset ETFs. VanEck and Grayscale have been competing in the Binance (BNB) ETF race, while Morgan Stanley (MS) filed for a Solana (SOL) staking ETF earlier this month, showing how traditional asset managers are rapidly expanding their cryptocurrency product offerings beyond Bitcoin (BTC) and Ethereum (ETH) into alternative cryptocurrencies.

Analyst Outlook On HYPE Growth

Institutional interest around Hyperliquid has extended beyond ETF filings. MNF Fund founder Michaël van de Poppe said in an interview on Friday that "Hyperliquid can easily go to $100+ from here," citing structural advantages that have driven rapid adoption. He said that HYPE was great for the “short term.”

For long-term positioning, van de Poppe said he favored Solana over Hyperliquid, noting that "every year there's been a different leading trading venue. Solana's institutional transition is real." 

Solana’s price was down over 5% during the past 24 hours. On Stocktwits, the retail sentiment around SOL remained in the ‘extremely bearish’ zone, while chatter around it stayed in the ‘normal’ levels over the past day.

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