Crypto Exchange New Fund Brings Hot Token to Brokerage Accounts

Grayscale has filed with the SEC to launch a new exchange‑traded fund that will hold HYPE, the native coin of the Hyperliquid network.
The fund is slated to trade on Nasdaq under the ticker GHYP, though its fee structure remains undisclosed.

Other firms, such as Bitwise and 21Shares, have also submitted proposals and already operate a HYPE product in Europe with a 2.5 % expense ratio.

Hyperliquid: More Than an Exchange

Hyperliquid is not just a crypto exchange—it offers perpetual futures (or “perps”) that allow traders to speculate on price movements without owning the underlying asset.
Key features of perps:

• Never expire
• Highly leveraged
• Trade 24/7

The platform has expanded into traditional markets, adding contracts for oil, gold, and even the S&P 500. This blend of crypto and conventional assets keeps traders active even when regular markets close.

Impact of the ETF

The new ETF will let investors access HYPE through a familiar brokerage interface, potentially boosting visibility and liquidity.
It also signals that mainstream financial institutions are taking notice of decentralized platforms that blend crypto with traditional asset classes.