Grayscale has updated its proposed Hyperliquid Staking ETF, filing a fifth amendment with U.S. regulators as asset managers race to launch investment products tied to the HYPE token. The latest May 29, 2026 filing retains the planned ticker symbol HYPG and includes language for a potential seed contribution of 2 million HYPE tokens, valued at about $130 million at current prices.
The amendment arrives as investor demand for Hyperliquid-linked investment products continues to accelerate across global markets.
“This looks like its nothing but a response to the potential minor SEC comments or small clean ups or formatting changes from what they filed yesterday. Nothing substantive that i noticed???” Bloomberg analyst James Seyffart wrote on X. He also noted that Grayscale has yet to disclose the ETF’s management fee, a key detail investors continue to watch.
Seed capital plan draws attention
The amended filing still references a potential contribution of 2 million HYPE tokens as seed capital for the fund. Seed assets are typically used to create an ETF’s initial shares before trading begins, suggesting Grayscale could fund the launch with HYPE tokens rather than cash alone.
The filing, however, does not confirm that the transaction will take place and says discussions are ongoing. Questions also remain about the proposed contributor, Hyper Holdings Global LP. Little public information is available about the firm, leaving its role in the arrangement unclear.
Rival asset managers expand HYPE offerings
Grayscale’s latest filing comes as investment firms race to launch products tied to Hyperliquid, reflecting growing institutional interest in the fast-growing blockchain network.
Earlier this year, VanEck introduced a Hyperliquid exchange-traded note (ETN) on Deutsche Börse Xetra under the ticker VHRL. In a post on X, Matthew Sigel, VanEck’s head of digital assets research, said Hyperliquid operates the largest decentralized perpetual futures exchange and uses a portion of protocol revenue to buy back HYPE tokens through its Assistance Fund. That mechanism has helped link demand for the token to activity on the platform.
Investor interest has also extended to Bitwise’s BHYP fund. The asset manager said the product has grown to $62.9 million in assets under management, with cumulative inflows reaching $56.9 million. Bitwise added that the fund stakes its holdings internally and publishes wallet addresses, providing investors with greater transparency into the underlying assets.
Investor demand continues rising
21Shares has also broadened its Hyperliquid product lineup with the launch of THYP and the leveraged TXXH ETF. THYP is designed to track the spot price of HYPE while passing through staking rewards, giving investors another regulated way to gain exposure to the token.
Investor demand for such products has continued to grow. Data from SoSoValue showed U.S.-listed HYPE exchange-traded funds attracted $9.5 million of net inflows on May 29, 2026, bringing total net assets to about $136.6 million. Cumulative inflows have now climbed to nearly $110 million.
Bitwise’s BHYP and 21Shares’ THYP accounted for the vast majority of activity, underscoring their early lead in the emerging market for Hyperliquid investment products. Combined holdings across HYPE-linked ETFs now equal roughly 0.5% of the token’s market value.
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