Grayscale has submitted an application to list a Grayscale HYPE ETF, an exchange-traded fund that will track Hyperliquid's native token, HYPE.
According to the S-1 filing submitted on Friday, if approved, the fund will be listed on Nasdaq under the ticker symbol GHYP, and will use Coinbase Custody as its custodian and CoinDesk's benchmark pricing data.
The filing also states that HYPE staking is currently prohibited, but there are "staking conditions" that may be met in the future. Furthermore, Grayscale is not the first institution to submit an application for a HYPE-related fund; 21Shares and Bitwise, among others, submitted similar applications late last year. (The Block)