By Jerry Hugh
Grayscale Investments filed its third amendment to the proposed Hyperliquid (HYPE) exchange-traded fund with the U.S. Securities and Exchange Commission (SEC) on May 22, 2026. The filing reveals a tactical shift in the fund’s operational structure, specifically replacing Coinbase Custody Trust Company with Anchorage Digital Bank as the trust’s primary custodian. This update marks the latest in a rapid sequence of regulatory filings as Grayscale seeks to list the fund on the NASDAQ exchange under the ticker symbol GHYP.
The company originally submitted its S-1 registration statement on March 20, 2026, following the trust’s formation in Delaware earlier that January. Since then, the asset manager has moved quickly through the regulatory process. The first amendment was filed in April 2026, followed by a second on May 11, and now this third version on May 22. Bloomberg ETF analyst James Seyffart noted that three amendments in under 60 days suggest that Grayscale and the SEC are actively engaged in technical discussions, pointing toward an imminent launch date.
Anchorage Digital Bank, the newly appointed custodian, brings a specific regulatory profile to the application. As a federally chartered crypto bank in the United States, its inclusion may help address SEC concerns regarding the safeguarding of digital assets. Under the revised terms,
the proposed fund no longer involves Coinbase in any custodial or operational capacity, while The Bank of New York Mellon remains the designated transfer agent.
Structural changes and the move toward staking revenue
A key feature of the updated proposal is the potential for the fund to generate returns beyond simple price appreciation. Amendment No. 2 introduced language allowing the fund to stake its HYPE holdings, provided it receives U.S. regulatory approval. This would allow the ETF to participate in the network’s security and earn rewards, which could then be passed on to shareholders.
Should the SEC allow these mechanics, Grayscale plans to rebrand the vehicle as the “Grayscale Hyperliquid Staking Fund” once the registration becomes effective. The fund intends to utilize the CoinDesk Hyperliquid Benchmark Extended Rate as its primary pricing data source. This move mirrors larger trends in the digital asset space where firms are looking to maximize the utility of spot-based products, similar to how
HIVE Digital Technologies has recently expanded its blockchain-related infrastructure operations.
Market liquidity and the competitive landscape for HYPE
The Hyperliquid network has seen its profile rise significantly throughout early 2026. As of March 31, 2026, the HYPE token maintained a market capitalization of approximately $9.4 billion, securing a spot as the tenth-largest cryptocurrency by global ranking. Trading activity for the asset has remained high, with 24-hour volumes reaching $232.7 million on that same day. This level of liquidity is a vital metric for the SEC, which often considers market depth when evaluating the risk of price manipulation in ETF products.
Grayscale is entering an increasingly crowded field for Hyperliquid-linked investment vehicles. Bitwise Asset Management and 21Shares both entered the race in early 2025 with their own respective filings. Competition has already moved past the paperwork stage for some issuers; 21Shares launched its THYP fund on NASDAQ on May 12, 2026, and Bitwise debuted its BHYP fund on the NYSE just two days later.
The early performance of these competing products indicates a strong appetite among investors for this specific ecosystem. Combined net inflows for THYP and BHYP reached $81 million across their first nine trading days. Data from SoSoValue shows that $54 million of that total was captured in just seven trading days, with May 20, 2026, marking the single most successful day after the funds pulled in $25.46 million.
Path to approval and final regulatory hurdles
The SEC’s review of this third amendment will likely focus on the transition to Anchorage Digital Bank and the technical specifics of the staking proposal. While the agency has historically been cautious about allowing staking within the regulated framework of an ETF, the federal charter held by Anchorage might provide a more stable legal ground for such activities.
Grayscale’s primary objective remains providing direct exposure to HYPE without requiring investors to manage the technicalities of holding the token themselves. If the current pace of amendments continues, a final decision from the SEC could arrive in the coming weeks. For now, the fund continues to wait for the registration statement to be declared effective before it can begin trading on the NASDAQ.
