Grayscale Joins Race to Launch HYPE ETF on NASDAQ
- Grayscale has filed an S-1 registration form with the SEC for a HYPE ETF, aiming to trade under the GHYP symbol on NASDAQ.
- HYPE is the native token of Hyperliquid, a layer one blockchain enhancing decentralized finance applications and facilitating direct perpetual futures trading without gas fees.
- Hyperliquid launched in 2023, with HYPE debuting in 2024, reaching a market cap of $10.23 billion as the world’s tenth largest cryptocurrency.
- Delaware Trust Company will be the trustee, Bank of New York Mellon and Continental Stock Transfer & Trust Company as transfer agents, and Coinbase Custody Trust LLC as custodian.
- Other asset managers like Bitwise and 21Shares are also pursuing HYPE ETFs amid SEC approvals under Chairman Paul Atkins’ pro-crypto agenda.
Grayscale’s move to launch a HYPE ETF reflects growing interest among asset managers to capitalize on Hyperliquid’s rise in the cryptocurrency market. The inclusion of major financial institutions as stakeholders underscores confidence in this venture’s potential success.
With Grayscale joining other firms like Bitwise and 21Shares in launching HYPE ETFs, it highlights increased institutional interest in crypto assets that enhance DeFi applications while minimizing transaction costs through innovative blockchain solutions.(Source)
