The application states that if approved by the regulator, the ETF will be traded on the Nasdaq stock exchange under the ticker GHYP. The custodian of the assets will be the custodial service Coinbase Custody, and to assess the value $HYPE , the investment company intends to use CoinDesk price indices. The management fee for the fund is not disclosed in the application. Later, Grayscale plans to add the possibility of staking, however, this function is initially unavailable.
The company claims that the Grayscale HYPE ETF will provide investors access to HYPE without the need to buy the token directly on exchanges.
Previously, investment firms Bitwise and 21Shares also informed the SEC of their intention to launch exchange-traded funds tracking the cryptocurrency Hyperliquid.
According to DeFiLlama, the weekly trading volume on Hyperliquid this year has ranged from $40 billion to $100 billion. Currently, $HYPE is among the top ten largest cryptocurrencies by market capitalization with a figure of $9.7 billion. Over the past day, the price of the crypto asset has dropped by 4.5% to $38, and the daily trading volume decreased by 3.9% to $243. Recently, co-founder of the cryptocurrency exchange BitMEX, Arthur Hayes, made a forecast stating that by the beginning of autumn, HYPE could rise to $150.
In February, Grayscale announced its intention to convert its cryptocurrency trust $AAVE into a spot ETF — the corresponding notice was sent to the American regulator. Earlier this year, Grayscale applied to launch an exchange-traded fund linked to NEAR.