Grayscale submitted its third amendment to the spot Hyperliquid ETF (HYPE) S-1 application with the SEC on May 22, 2024, swapping custodians from Coinbase to Anchorage Digital and folding in native staking rewards. The fund, set to trade under the ticker GHYP upon approval, now carries a structure that lets investors earn yield directly from the protocol — a feature many crypto-native ETFs have avoided.
Why the custodian changed
The move from Coinbase to Anchorage Digital isn't trivial. Anchorage is a federally chartered digital asset bank, which may give the SEC a different comfort level around custody of staked assets. Grayscale also disclosed that the ETF will participate in Hyperliquid's native staking, meaning the fund could generate returns beyond simple price exposure — something pure-play spot ETFs don't typically offer.
On-chain buying spree
Over the past week, Grayscale accumulated 682,190 HYPE tokens — roughly $35 million at current prices — on-chain. The purchases happened across multiple transactions and suggest the firm is building inventory ahead of a potential launch. The timing isn't accidental: HYPE has rallied 26% in the last seven days and is up 115% year-to-date.
Market momentum
HYPE's all-time high rally got a boost from Bitwise's own HYPE ETF launch, which hit the market earlier this month. That competition hasn't slowed Grayscale's appetite. With the third amendment now in SEC hands, the next milestone is a final decision — no date set yet, but the agency has already let several crypto spot ETFs through this year.
