Digital currency asset manager Grayscale on 11 May updated its proposed Hyperliquid exchange-traded fund (ETF) filing to include staking rewards, as issuers push to bring yield-generating crypto products into the US ETF market.
Grayscale Adds Staking to Proposed Hyperliquid ETF as HYPE's YTD Gains Near 60%
12 May 2026 - 20:37 CEST
By Jona Jaupi
Hyperliquid is a decentralized Layer-1 blockchain, best known for its onchain perpetual futures exchange. Its native token, HYPE, is currently trading around $40 on 12 May, up nearly 60% year-to-date, per CoinGecko.
In an amended S-1 filing submitted to the US Securities and Exchange Commission (SEC), Grayscale said the product may eventually be renamed the "Grayscale Hyperliquid Staking ETF." The filing also states the trust’s holdings could include "HYPE earned as Staking Consideration," referring to rewards generated from staking the network’s native token.
The move comes as staking has become an increasingly important part of crypto investing, particularly for proof-of-stake (PoS) networks like Hyperliquid. More than 436 million HYPE tokens are currently staked on the network, representing around 45% of the token’s total supply and around $17.5bn worth of locked tokens at current prices. This leaves more than half of the supply unstaked.
How would it work?
In the preliminary prospectus, Grayscale explained that the proposed ETF would hold HYPE and list on Nasdaq under the ticker "HYPG."
Anchorage Digital, the first federally chartered digital asset bank in the US, would serve as custodian.
Meanwhile, pricing data would be sourced from a CoinDesk benchmark index and track HYPE across major exchanges including Kraken, Gemini, OKX, Bitget and Bybit.
The filing explicitly states that this remains preliminary, and the SEC has not yet approved the proposed ETF.
HYPE: a top gainer
The ETF filing comes as HYPE has significantly outperformed many large-cap tokens, including Bitcoin (BTC) and Ether (ETH), over the past year.
HYPE is up more than 60% over the past 12 months and more than 500% since launch, according to CoinGecko.
The rally has coincided with rapid growth across the Hyperliquid ecosystem. DeFiLlama data shows the network now holds more than $5bn in total value locked (TVL), while annualized protocol fees have climbed above $705mn.
Over the past 30 days, open interest (OI) on the platform stood at roughly $9.2bn, while perpetual futures trading volume topped $176bn during the same time period. Hyperliquid’s revenue has also surged, according to DeFiLlama, with the protocol generating $961.5mn in gross revenue during 2025 – up from just $11.1mn in 2024.
The rise of spot ETFs
The filing also comes as crypto ETFs have quickly become one of the fastest-growing parts of the digital asset market.
Since the SEC approved the first US spot bitcoin ETFs in January 2024, firms including BlackRock, Fidelity, Franklin Templeton and VanEck have launched crypto ETF products.
According to a January report by TRM Labs, crypto exchange-traded products (ETPs) attracted $34.1bn in inflows through December 2025, while total global crypto ETP assets reached nearly $180bn by late 2025.
