color: var(color-red-500)

by

Grayscale Files Fifth Amendment for Hyperliquid ETF Plan

Show AI Summary
Investor demand for Hyperliquid-linked products accelerates globally, driven by growing institutional interest in the blockchain network.
Grayscale’s updated ETF filing sparks questions about transparency, including unclear details on management fees and the role of Hyper Holdings Global LP.
Rival asset managers like VanEck expand HYPE offerings, reflecting intensified competition in the market for Hyperliquid investment products.

Grayscale has revised its plan for a Hyperliquid Staking ETF, submitting an updated filing to U.S. regulators. Several companies are competing to create investment options linked to the HYPE token, and Grayscale’s latest filing, dated May 29, 2026, keeps the proposed ticker symbol (HYPG). It also outlines a possible initial investment of 2 million HYPE tokens, currently worth around $130 million.

This change comes as interest in investment products connected to Hyperliquid is rapidly growing around the world.

As a researcher following this closely, it seems like Grayscale’s recent filing is likely just addressing minor comments from the SEC – things like formatting or small cleanups. From what I’ve seen, there weren’t any major changes. One key detail still missing is the ETF’s management fee, and investors are definitely keeping a close eye on that.

Grayscale has submitted its fifth amendment for its Hyperliquid Staking ETF, but the fee structure remains undecided. The ETF will trade under the ticker symbol $HYPG. The filing still includes plans to initially seed the ETF with 2 million hyperliquid:native tokens, currently valued at around $130 million.

— James Seyffart (@JSeyff) May 29, 2026

Seed capital plan draws attention

The updated document still mentions the possibility of using 2 million HYPE tokens to initially fund the fund. These initial funds, often used to create shares before trading starts, hint that Grayscale might use HYPE tokens, along with or instead of cash, to launch the fund.

While the document shows a potential deal is being considered, it doesn’t guarantee it will happen – talks are still in progress. There are also uncertainties surrounding Hyper Holdings Global LP, the company proposed to be involved. Very little is known about them, so it’s unclear what part they would play.

Rival asset managers expand HYPE offerings

Grayscale recently submitted a filing as investment companies compete to create products connected to Hyperliquid, signaling increasing interest from institutions in this rapidly expanding blockchain network.

Today marks the launch of the VanEck Hyperliquid ETN (VHRL), now trading on Deutsche Börse Xetra under the ticker symbol VHRL GY in Euros. Hyperliquid is the operator of a leading decentralized exchange for perpetual futures, and it’s built on a custom-designed blockchain that offers extremely fast transaction speeds.

— matthew sigel, recovering CFA (@matthew_sigel) May 28, 2026

Investors are also showing strong interest in Bitwise’s BHYP fund. The fund now manages $62.9 million in assets, with a total of $56.9 million invested so far. Bitwise enhances transparency by internally staking the fund’s holdings and making the wallet addresses publicly available, allowing investors to see exactly what the fund owns.

Investor demand continues rising

21Shares has expanded its Hyperliquid offerings with two new products: THYP and TXXH. THYP aims to follow the current price of HYPE and distribute any rewards earned from staking, providing investors with a regulated option to invest in the token.

Interest in these types of investments keeps increasing. On May 29, 2026, U.S.-listed HYPE exchange-traded funds saw $9.5 million in new investments, bringing their total value to around $136.6 million. Overall, these funds have now received almost $110 million in investments.

Bitwise’s BHYP and 21Shares’ THYP were responsible for most of the trading activity, demonstrating their strong position as early leaders in the growing market for Hyperliquid investment products. Together, these ETFs now hold approximately 0.5% of all Hyperliquid tokens in circulation.

Read More

2026-05-30 11:03