Grayscale Investments has amended its proposed exchange-traded fund for Hyperliquid (HYPE) to include a staking feature, renaming the product to Grayscale Hyperliquid Staking ETF (ticker: HYPG). The firm filed a Form 8-A with the U.S. Securities and Exchange Commission (SEC) on May 27, following an earlier S-1 prospectus on May 21, and is now negotiating a seed investment of 2 million HYPE tokens—worth roughly $115 million—from Hyper Holdings Global LP.
The seed capital discussion, disclosed in the updated filing, underscores the institutional appetite for yield-generating crypto products. Bloomberg ETF analyst James Seyffart noted the mention of Hyper Holdings Global LP, a relatively unknown entity, raising questions about its backing. The filing primarily serves to formalize the fund’s staking mandate; by participating in Hyperliquid’s proof-of-stake validation, the ETF would generate additional returns from network rewards, a feature that could differentiate it from spot-only crypto ETFs.
This move arrives shortly after the launches of HYPE-based ETFs from 21Shares (THYP) and Bitwise, which saw strong early inflows and helped push the HYPE token to a new all-time high above $60. Senior ETF analyst Eric Balchunas observed that 21Shares’ fund experienced a steady daily increase in trading volumes, calling it “a really good sign of organic interest.” Grayscale’s attempt to layer staking onto an ETF structure tests the SEC’s evolving stance on crypto-related yield products, and a potential approval could set a precedent for similar staking ETFs in the future.
