Grayscale Investments has submitted its sixth amendment to the Securities and Exchange Commission for the Hyperliquid staking ETF, a move that brings the fund one step closer to market. The latest filing includes specific details about the ETF's fee structure, a key piece of information investors have been waiting for. Analysts following the process say the fund could launch as early as this week.
What the Amendment Adds
The sixth amendment, filed late last week, lays out how the ETF will charge fees. While Grayscale has not publicly disclosed the exact fee percentage, the document confirms the fund will use a tiered fee system based on assets under management. Lower fees apply to larger investments, a structure common among staking-related ETFs aiming to attract institutional capital. The filing also clarifies how staking rewards will be treated under the fee model, ensuring investors understand the net return after costs.
Path to SEC Approval
This is the sixth revision Grayscale has sent to the SEC for this particular fund. Each amendment has addressed regulatory concerns around staking mechanics, custody, and disclosure. The quick succession of amendments—five prior to this one over the past three months—suggests the SEC is engaging closely with the issuer. A source familiar with the process, who requested anonymity because they were not authorized to speak publicly, noted that the SEC has not requested additional changes after this filing, which often signals readiness for approval.
What a Launch Would Mean
The Hyperliquid staking ETF would give investors exposure to proof-of-stake networks without having to run their own validators or manage staking pools. Grayscale already offers several crypto ETFs, but this is its first focused solely on staking yield from Hyperliquid, a layer-1 blockchain. If the SEC greenlights the fund, it would mark the first staking-specific ETF from a major issuer, potentially opening the door for similar products.
Analysts tracking the filing said approval could come within days. One market observer, who asked not to be named due to the sensitivity of pending regulatory decisions, pointed out that the SEC has historically moved quickly once a final amendment is submitted. The agency’s deadline to either approve or deny the fund is technically open-ended, but the pattern of recent filings suggests a decision is imminent.
The ETF’s fee structure will be a critical factor for investors. Staking ETFs typically charge expense ratios between 0.5% and 1.5%, and Grayscale’s tiered model could set a new benchmark. The company has not confirmed a launch date, but the countdown appears to have begun.
