Quick Overview
- Grayscale submitted an S-1 filing to the SEC for a spot Hyperliquid ETF, following Bitwise and 21Shares applications
- The HYPE token climbed approximately 21% over the week, settling between $40 and $43
- Market cap growth allowed HYPE to momentarily surpass Cardano (ADA) and breach the top 10 rankings
- Arthur Hayes, BitMEX co-founder, projects HYPE will reach $150 by August 2026
- The Hyperliquid platform processes approximately $500 million in daily volume, allocating 97% of fees toward token buybacks
Grayscale has submitted an S-1 registration document to the United States Securities and Exchange Commission seeking approval for a spot-based Hyperliquid exchange-traded fund. Should regulators greenlight the application, the investment vehicle would list on Nasdaq using the ticker symbol GHYP, with Coinbase designated as the custody provider. The company has not yet revealed details regarding management fees.
BREAKING: Grayscale has filed an S-1 with the SEC for a Hyperliquid (HYPE) ETF. It would trade on Nasdaq under the ticker 'GHYP'. pic.twitter.com/gRJc2tmsdS
— SwanDesk (@SwanDesk) March 21, 2026
This submission positions Grayscale as the third major asset manager pursuing a Hyperliquid ETF product. Bitwise initially submitted their application in September, subsequently updating the filing in December to incorporate staking capabilities. 21Shares filed their paperwork in October, similarly indicating potential future inclusion of staking features.
According to the filing documents, Grayscale has indicated that staking functionality could be integrated into the GHYP product down the line, though no concrete timeline has been established. Such a feature would enable fund participants to generate additional returns through staking rewards alongside any appreciation in HYPE’s market value.
Institutional Interest Grows as Token Price Rallies
The surge in ETF applications coincides with strong market performance for HYPE. Over the past seven days, the digital asset appreciated roughly 21%, establishing a trading corridor between $40 and $43. This upward momentum temporarily elevated Hyperliquid above Cardano (ADA) by total market capitalization, securing a brief position among the top ten cryptocurrencies.
Cardano similarly posted weekly gains, hovering around $0.29, though the increase proved insufficient to maintain its ranking position. Cryptocurrency market analyst Ali Martinez highlighted a potential bullish setup for ADA, noting that sustained support at the $0.23 threshold could trigger a rally toward $0.32 and potentially $0.37.
My essay on why $HYPE is going to $150 by August 2026.
— Arthur Hayes (@CryptoHayes) March 9, 2026
Arthur Hayes, who co-founded the BitMEX trading platform, has publicly established a $150 valuation target for HYPE tokens by August 2026. This forecast implies approximately a fivefold multiplication from previous price levels around $30. Hayes’ bullish thesis centers on Hyperliquid’s unique economic structure, wherein nearly 97% of protocol-generated revenue is channeled into systematic token buybacks, creating a direct correlation between platform profitability and token valuation.
Trading Volume Sustains Token Economics
Hyperliquid operates as a decentralized exchange specializing in perpetual futures contracts. The platform facilitates between $40 billion and $100 billion in weekly trading activity, establishing it as the dominant player in this segment based on DeFiLlama analytics.
Peak daily volumes have recently touched approximately $500 million. The protocol continues to broaden its product offerings, including initiatives to bring traditional equity indices like the S&P 500 onto blockchain infrastructure.
Multiple competing platforms such as Aster, Lighter, and edgeX entered the market during 2025, capturing modest market share. However, Hyperliquid maintains commanding leadership during most trading periods.
Aggregate weekly perpetual futures volume across all decentralized platforms has ranged from $125 billion to $300 billion throughout the current year — representing more than double the transaction levels recorded during the comparable period last year.
HYPE currently maintains trading activity within the $40–$43 price band following its 21% weekly appreciation.
