Hyperliquid (HYPE) Surges 21% as Grayscale Joins ETF Filing Race Alongside Bitwise and 21Shares

Key Highlights

• Grayscale submitted an S-1 filing to the SEC for a Hyperliquid spot ETF, following similar moves by Bitwise and 21Shares
• The HYPE token surged approximately 21% over the past week, hovering between $40 and $43
• Hyperliquid temporarily displaced Cardano (ADA) from the top 10 cryptocurrencies by market capitalization
• Former BitMEX CEO Arthur Hayes projects HYPE could reach $150 by August 2026
• The platform processes roughly $500 million in daily trading activity, allocating 97% of earnings toward HYPE token buybacks

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Grayscale has submitted an S-1 registration document to the United States Securities and Exchange Commission seeking approval for a Hyperliquid spot exchange-traded fund. Should regulators greenlight the proposal, the investment vehicle would list on Nasdaq under the symbol GHYP, utilizing Coinbase as its custody provider. Details regarding management fees remain undisclosed at this time.

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This submission positions Grayscale in direct competition with Bitwise and 21Shares, two firms that previously filed comparable applications. Bitwise initiated its filing in September before enhancing the proposal in December to incorporate staking functionality. 21Shares similarly structured its October submission to allow for potential staking integration.

Grayscale indicated that staking features might be incorporated into the GHYP fund down the line, though concrete implementation plans have not been confirmed. Such a feature would enable shareholders to generate additional returns beyond capital appreciation from HYPE holdings.

Institutional Interest Grows as Token Performance Strengthens

The cluster of ETF applications arrives during a period of robust market performance for HYPE. The digital asset climbed roughly 21% throughout the week, settling within a $40 to $43 valuation band. This upward trajectory temporarily elevated Hyperliquid above Cardano (ADA) in total market value, securing a brief spot among the ten largest cryptocurrencies.

Cardano also experienced upward movement this week, changing hands around $0.29, though insufficient to maintain its ranking advantage. Cryptocurrency analyst Ali Martinez identified a possible accumulation opportunity for ADA holders, emphasizing that maintaining the $0.23 support zone remains critical for a potential advance toward $0.32 and $0.37 price levels.

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Arthur Hayes, who co-founded the BitMEX exchange, has openly forecasted a $150 valuation for HYPE by August 2026. Such a price point would mark approximately a fivefold appreciation from previous levels around $30. Hayes contends that Hyperliquid’s economic structure—which channels roughly 97% of platform revenues into HYPE token repurchases—creates a direct correlation between operational performance and token valuation.

Trading Volume Sustains Token Demand Mechanics

Hyperliquid operates as a decentralized platform specializing in perpetual futures contracts. The exchange facilitates between $40 billion and $100 billion in weekly transaction volume, establishing its position as the dominant venue in this segment based on DeFiLlama metrics.

Daily transaction volumes have peaked near $500 million in recent sessions. The platform continues expanding its product offerings, including initiatives to bring traditional equity indices like the S&P 500 onto blockchain infrastructure.

Multiple competing platforms such as Aster, Lighter, and edgeX entered the market in 2025 and have captured modest market share, yet Hyperliquid maintains commanding leadership during most weekly periods.

Aggregate weekly perpetual futures volume across all decentralized platforms has ranged between $125 billion and $300 billion throughout this year—representing more than twice the activity levels recorded during the equivalent period last year.

HYPE presently trades within the $40–$43 corridor following its 21% weekly appreciation.