Hyperliquid’s native token HYPE has been the major center of attention in the cryptocurrency market over the last week. Besides its impressive price action — outperforming other large-cap assets by a significant margin in the past week — the cryptocurrency seems to be becoming the new darling of institutional investors.
A fairly strong first full trading week for Bitwise’s HYPE exchange-traded fund (ETF) was identified as one of the catalysts behind the coin’s all-time high rally. Interestingly, the latest development suggests that Grayscale’s Hyperliquid ETF might also be making its trading debut soon.
Grayscale Confirms GHYP Ticker For Hyperliquid ETF
On Friday, May 22nd, Grayscale submitted the third amendment to its spot HYPE ETF S-1 application with the United States Securities and Exchange Commission (SEC). According to Bloomberg ETF analyst James Seyffart, this latest amendment confirms that the asset management firm’s Hyperliquid ETF will trade with the GHYP ticker upon launch.
After initially submitting a proposal in March, Grayscale has made a series of changes to its Hyperliquid ETF offering, including switching custodians from Coinbase to Anchorage Digital and incorporating native staking yields. Meanwhile, the firm has finally settled on the GHYP ticker after introducing the HYPG ticker in the second amendment.
Source: @JSeyff on X
As Seyffart pointed out, the latest amendment of its SEC filing suggests that Grayscale might be getting closer to launching its spot HYPE exchange-traded fund. This would bring the number of Hyperliquid ETFs on US exchanges to three, including 21Shares and Bitwise’s spot HYPE exchange-traded products.
Interestingly, this development coincides with Grayscale’s reported on-chain activity, with the asset management firm found accumulating significant amounts of the Hyperliquid native token over the past week. On-chain data shows that Grayscale bought 682,190 HYPE (roughly $35 million) over the past week.
HYPE Price Overview
As of this writing, the Hyperliquid token is valued at around $54.7, reflecting a decline of over 5% in the past 24 hours. The past day’s price action suggests the cryptocurrency may be slowing down after a strong bullish run this week, with a move toward a new all-time high above $62.
According to CoinGecko data, the HYPE price is up more than 26% on the weekly timeframe. Meanwhile, the cryptocurrency’s value has grown by roughly 115% so far in 2026, riding on the wave of surging volume and institutional validation of the Hyperliquid platform.
The price of HYPE on the daily timeframe | Source: HYPEUSDT chart on TradingView
