Grayscale files S-1 registration with the SEC for a spot Hyperliquid ETF on NASDAQ.
Regulation & Gov ·
Grayscale has submitted an S-1 registration statement with the SEC for a spot exchange-traded fund tracking Hyperliquid, seeking to list the product on NASDAQ. The filing represents a move into the derivatives-focused on-chain perpetuals exchange segment, adding to Grayscale's existing suite of crypto investment vehicles.
The registration follows earlier delays to Grayscale's IPO plans, which the firm cited to unfavorable market conditions affecting institutional appetite for public crypto asset manager listings. The new ETF filing signals a shift in strategy, targeting specific protocol exposure rather than broader equity market entry. Hyperliquid operates as an on-chain decentralized perpetuals exchange, and the spot ETF would allow traditional investors direct exposure to the token through a regulated fund structure.
It remains unclear when or whether the SEC will approve the application, and what investor demand looks like for a specialized derivatives-platform-focused ETF given recent institutional hesitation in the crypto listing space.