Grayscale Investments has filed an amendment to its Hyperliquid ETF proposal with the U.S. Securities and Exchange Commission, introducing a staking mechanism that could allow the fund to generate yield on its HYPE holdings. The amendment, submitted on May 11, 2026, marks a significant evolution in the race to bring altcoin exposure to traditional investors through regulated vehicles.
The updated S-1/A filing now includes explicit provisions for HYPE token staking, a process where tokens are delegated to validators on the Hyperliquid network to help secure the chain in exchange for rewards. If approved, the trust would expose investors not only to HYPE’s price movements but also to staking yields, all without requiring them to directly manage wallets or validator selections. Grayscale even indicated that the product could eventually be renamed the Grayscale Hyperliquid Staking ETF, underscoring its intent to build a yield-generating fund structure.
This amendment does not guarantee SEC approval, and the inclusion of staking may invite heightened regulatory scrutiny amid ongoing debates over whether staking rewards constitute securities yields. However, the move underscores Hyperliquid’s rapid institutional ascent. Grayscale’s own records show that as of March 31, 2026, HYPE ranked among the top ten digital assets by market capitalization, with daily trading volume exceeding $230 million.
Operational details in the filing outline a maturing institutional framework: BNY Mellon continues as administrator and transfer agent, while Anchorage Digital Bank has taken over custody duties from Coinbase. Grayscale is not alone in pursuing a Hyperliquid ETF—Bitwise and 21Shares are also racing to launch rival HYPE investment products, signaling that Wall Street views Hyperliquid as a viable institutional contender rather than a speculative side project.
