- Grayscale filed a third SEC amendment for its proposed HYPE ETF under the GHYP ticker.
- The updated filing added possible HYPE staking rewards pending SEC and tax approval.
- Hyperliquid ETF competition grows as HYPE trades near $55 after a recent market decline.
Grayscale Investments submitted another amended filing to the U.S. Securities and Exchange Commission for its proposed Hyperliquid exchange-traded fund, pointing to continued movement in the race to launch investment products tied to the HYPE token.
The latest amendment, which marks the third revision to the company’s S-1 registration statement, arrived as issuers continue expanding beyond Bitcoin and Ethereum-focused ETF products into newer areas of the digital asset market.
Bloomberg ETF analyst James Seyffart said the repeated amendments show active engagement between issuers and regulators as firms attempt to move products closer to a possible approval. If cleared by the SEC, the fund is expected to trade under the ticker GHYP on U.S. exchanges.
Filing Introduces Potential Staking Structure
The updated registration statement included changes tied to staking rewards generated from HYPE tokens held by the proposed trust. According to the filing, investors could gain indirect exposure to staking income in addition to the token’s market performance.
Grayscale stated that any staking-related feature would remain subject to regulatory approval and compliance with tax requirements before becoming operational. The filing also indicated the product could be renamed the “Grayscale Hyperliquid Staking ETF” if approved for listing on Nasdaq.
The amendment also showed a change in custody arrangements for the proposed fund. Anchorage Digital was named as custodian for the ETF’s HYPE holdings, replacing Coinbase Custody, which had appeared in earlier versions of the filing.
Competition Around Hyperliquid Products Expands
The proposed ETF arrives during a period of increased activity surrounding Hyperliquid and its native HYPE token. The blockchain trading network has recorded high growth this year, while the HYPE token recently surged above $62 before dropping alongside the crypto market.
Market data showed the token declined by around 6% over the past 24 hours, trading near $55 at the time of reporting. Hyperliquid’s market capitalization stood close to $14 billion.
Seyffart noted that the continued stream of amendments may indicate that several issuers are positioning themselves ahead of possible approvals. He added that U.S. exchanges could eventually host multiple HYPE-related ETFs competing for investor flows.
Related: Is Grayscale Quietly Accumulating Hyperliquid? Arkham Flags $10M HYPE
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