Asset manager Grayscale Investments has amended its S-1 registration for a proposed Hyperliquid (HYPE) ETF, opening the door for the fund to capture staking rewards if the structure clears U.S. regulatory hurdles.
Grayscale Files Updated S-1
The revised Form S-1 was submitted to the U.S. Securities and Exchange Commission on May 11, 2026. The amendment adds language allowing the trust to collect staking yield generated by HYPE tokens held in the fund.
If approved, the product would list on the Nasdaq under the ticker HYPG.
Grayscale also plans to rename the trust as the Grayscale Hyperliquid Staking ETF once registration becomes effective.
The asset manager conditioned the staking provision on regulatory and tax compliance. Specifically, the structure must continue to qualify as a grantor trust for U.S. federal income tax purposes.
Anchorage Digital Bank N.A. will serve as custodian for the proposed trust. Bank of New York Mellon will act as transfer agent and administrator, while CSC Delaware Trust Company is named as the trustee.
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Why Staking Is The Prize
Hyperliquid runs a decentralized perpetuals trading blockchain, and its native token has emerged as one of the most closely watched altcoins of the past year. An ETF wrapper would offer investors regulated exposure without the need to hold HYPE directly.
The staking feature is the real draw. It would let the fund earn protocol rewards on top of any price movement in the underlying token.
Bitwise and 21Shares have filed competing HYPE ETF products. Bitwise's BHYP is targeting NYSE Arca with a 0.67% annual management fee, while 21Shares plans to list THYP on the Nasdaq with joint custody from Anchorage and BitGo.
HYPE Staking ETF Race
Grayscale registered the Delaware statutory trust for HYPE on Jan. 8 and filed the initial S-1 on Mar. 20. An April 20 amendment swapped Coinbase Custody for Anchorage, a federally chartered crypto bank, in a shift the other issuers also made.
The pattern is broader than HYPE. Since 2025, BlackRock, Bitwise, and Grayscale have rolled out Ethereum and Solana ETFs with staking provisions, distributing validator rewards back to fund holders.
Grayscale Investments serves as the asset management arm of Digital Currency Group and oversees roughly $35 billion in client assets. A HYPE staking ETF would mark the first DeFi-native staking ETF in the U.S. market if the SEC signs off.
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