Key Takeaways

• Grayscale has submitted an S-1 filing to the SEC for a spot Hyperliquid ETF, becoming the third firm alongside Bitwise and 21Shares
• HYPE posted approximately 21% gains over the past week, with prices hovering between $40 and $43
• The token momentarily surpassed Cardano (ADA) in market capitalization, cracking the top 10 rankings
• Arthur Hayes, BitMEX co-founder, projects HYPE could reach $150 by August 2026
• The Hyperliquid platform processes approximately $500 million in daily volume, allocating 97% of revenues toward HYPE token buybacks

Grayscale has submitted an S-1 registration filing with the United States Securities and Exchange Commission seeking approval for a spot Hyperliquid exchange-traded fund. Should regulators greenlight the proposal, the fund would list on Nasdaq using the ticker symbol GHYP, with Coinbase serving as the designated custodian. The company has not yet revealed what management fees would apply.

This submission positions Grayscale as the third major asset manager pursuing a Hyperliquid ETF, following earlier applications from Bitwise and 21Shares. Bitwise initially submitted its filing in September before revising the application in December to incorporate staking capabilities. 21Shares similarly included provisions for potential staking features in its October submission.

Grayscale has indicated it might incorporate staking into the GHYP offering down the line, although no concrete timeline has been established. Adding staking functionality would enable fund investors to generate additional returns beyond any appreciation in HYPE’s market value.

Institutional Interest Grows Alongside Price Performance

The surge in ETF applications coincides with strong market momentum for HYPE. The token posted approximately 21% gains throughout the week, climbing into the $40 to $43 price corridor. This upward movement temporarily propelled Hyperliquid above Cardano (ADA) by market capitalization, securing a brief spot among the top 10 cryptocurrencies.

Cardano also experienced positive price action this week, approaching $0.29, though the gains proved insufficient to maintain its ranking advantage. Cryptocurrency analyst Ali Martinez identified a possible bullish setup for ADA, noting that maintaining support at $0.23 could enable a rally toward $0.32 and potentially $0.37.

Arthur Hayes, who co-founded BitMEX, has openly declared a $150 valuation target for HYPE by August 2026. This projection implies roughly a fivefold increase from previous price levels around $30. Hayes contends that Hyperliquid’s tokenomics—which channel approximately 97% of platform revenues into HYPE buyback programs—create a direct connection between the platform’s financial performance and token valuation.

Trading Volume Fuels Token Economics

Hyperliquid operates as a decentralized exchange specializing in perpetual futures contracts. The platform processes between $40 billion and $100 billion in weekly trading activity, establishing it as the dominant player in this segment based on DeFiLlama metrics.

Daily transaction volumes have peaked near $500 million in recent sessions. The exchange is simultaneously pursuing product expansion, including initiatives to bring traditional S&P 500 exposure on-chain.

Multiple competing platforms such as Aster, Lighter, and edgeX have entered the market in 2025, capturing modest market share, though Hyperliquid maintains commanding leadership during most weekly periods.

Aggregate weekly perpetual futures volume across all decentralized platforms has ranged between $125 billion and $300 billion throughout this year—representing more than double the activity levels recorded during the comparable timeframe last year.

HYPE continues trading in the $40–$43 band following its 21% weekly advance.