Crypto Exchange New Fund Brings Hot Token to Brokerage Accounts

Grayscale has filed with the SEC to launch a new ETF that will hold the HYPE token, the native coin of the Hyperliquid network. The fund is expected to trade on Nasdaq under the ticker GHYP, though its fee structure has not yet been revealed. Other firms such as Bitwise and 21Shares have also submitted proposals, and they already run a HYPE product in Europe with a 2. 5% expense ratio. Hyperliquid is more than a simple crypto exchange. It offers perpetual futures, or “perps, ” which let traders bet on price movements without owning the asset. Perps never expire, they can be highly leveraged, and they trade 24/7. The platform has expanded into traditional markets by adding contracts for oil, gold, and even the S&P 500. This mix of crypto and conventional assets gives traders a way to stay active even when regular markets close.The result is a trading boom. Hyperliquid’s weekly derivatives volume has topped $50 billion, with over $6. 5 billion moving in a single day. Its daily revenue reached $1. 6 million, outpacing rivals like BNB Chain and the Bitcoin blockchain. The high activity has drawn praise from industry insiders, who see it as a sign of HYPE’s potential growth. At present, HYPE trades near $40 and has gained 57 % this year. Bitcoin fell about 20 %, while Ethereum’s ether slid roughly 28 %. Some analysts predict that HYPE could reach $150 if the platform’s revenue and disciplined token supply hold steady. The new ETF will let investors access HYPE through a familiar brokerage interface, potentially boosting the token’s visibility and liquidity. It also signals that mainstream financial institutions are taking notice of decentralized platforms that blend crypto with traditional asset classes.