Crypto: Grayscale targets Nasdaq with an ETF linked to Hyperliquid

Since Paul Atkins’s recent positions, the mechanism is accelerating and the crypto market finds more breathable ground. The signals sent by the SEC outline an unexpected opening, almost like a highway that some have been waiting for years. In this more flexible climate, ETFs return to the forefront with renewed vigor. And this time, Hyperliquid emerges, driven by a dynamic that few had genuinely anticipated.

Hyperliquid propelled towards Nasdaq: crypto crosses a new threshold

First, the movement initiated by Grayscale is far from symbolic for the entire crypto market. The asset manager has officially filed an S-1 Form with the SEC to launch an ETF backed by Hyperliquid.

This product targets a Nasdaq listing under the ticker GHYP, which immediately anchors Hyperliquid in an institutional logic. The chosen mechanism relies on a passive trust directly holding HYPE, without leverage or derivatives.

Coinbase Custody would ensure asset custody, while Bank of New York Mellon would manage the administrative infrastructure. This setup clearly brings Hyperliquid closer to traditional finance standards.

The document clearly specifies: that the ETF is structured as a passive trust directly holding HYPE, aiming to replicate its price with no leverage or derivatives.

Then, this filing confirms one simple thing: Hyperliquid is no longer marginal in crypto.

Why Hyperliquid already attracts and appeals to institutional capital

Next, it is important to understand why Hyperliquid draws so much attention in the current crypto ecosystem, because this phenomenon is not purely speculative. The platform asserts itself as a solid technical infrastructure, able to compete with some centralized exchanges.

Hyperliquid operates like a blockchain specialized in perpetual contracts, with a fast trading engine and an EVM-compatible architecture. This combination appeals to crypto traders seeking performance and flexibility.

The data strengthens this perception in the crypto market. The platform processes billions in daily volume, with massive open interest across several segments.

During the Middle East conflict, Hyperliquid continued operating while some traditional markets were closed. Crypto traders could thus speculate on oil and gold without interruption.

An analysis highlights this dynamic: institutional validation generally precedes capital flows, even if SEC approval remains uncertain. 

Now, Hyperliquid becomes a credible player in crypto.

Crypto ETF: Hyperliquid at the heart of a fierce battle between financial giants

Ultimately, this file goes far beyond the isolated case of Hyperliquid in the current global crypto universe. A real competition is establishing among major managers to capture attention around altcoin ETFs.

Grayscale is not alone in this momentum, as 21Shares and other players have already filed similar applications. This rise signals a profound transformation of the crypto market.

Hyperliquid embodies this mutation, as it combines real utility, significant liquidity, and fast growth in a still young environment. The HYPE token also benefits from supply reduction mechanisms that support its valuation.

Crypto investors are closely watching this development, as it could redefine market balances. The debate now goes beyond the narrative to enter into a performance logic.

The figures illustrating the market shift

• Hyperliquid processes billions in daily volume on its crypto markets;
• Open interest exceeds several billion on its main active segments;
• The S&P 500 market on Hyperliquid reaches 100 million in 24 hours;
• The HYPE token has increased significantly since the beginning of the year;
• The HYPE price is 38.22 euros at the time of writing.

A reminder is necessary to understand the rapid rise in the overall crypto market. Since the end of January, Hyperliquid is already available on Kraken, which significantly broadens its exposure. This presence on a recognized platform strengthens its credibility among crypto investors. Gradually, Hyperliquid moves out of the insiders’ circle to settle into a more mainstream logic.