SEC Approves Grayscale Hyperliquid Staking ETF Application

The U.S. Securities and Exchange Commission has declared the registration statement for Grayscale's Hyperliquid Staking ETF effective. The asset manager also filed the final prospectus for the HYPE ETF offering. Grayscale had previously disclosed fee details after securing Nasdaq approval to list the product.

Grayscale Investments has cleared a major regulatory hurdle for its Hyperliquid staking ETF to go live. The SEC announced the registration statement was effective on Tuesday, moving the fund one step closer to trading.

The SEC's Notice of Effectiveness indicates the Grayscale Hyperliquid Staking ETF's registration statement became effective at 4:00 p.m. ET on June 2, 2026. The filing was accepted by the SEC's EDGAR system the morning of June 3. Grayscale submitted multiple amendments in recent weeks as it approached launch, and the approval signals the updated S-1 filings met requirements. The asset manager also submitted a final prospectus to the SEC on June 2, outlining the fund's structure, investment strategy, and fees, including plans to list the Hyperliquid staking ETF under the "HYPG" ticker on Nasdaq.

According to the final prospectus, the fund will be known as Hyperliquid and aims to gain exposure to Hyperliquid's native token, HYPE. The ETF will also engage in staking, offering exposure to staking rewards by staking a portion of its HYPE holdings. The effectiveness notice and the final prospectus filing are major regulatory milestones required before the ETF can begin trading. Grayscale had previously filed Nasdaq certification approving the listing of the Hyperliquid staking ETF on the exchange. Earlier this week, Bloomberg ETF analyst James Seyffart hinted at an imminent launch after Grayscale filed the sixth HYPE ETF amendment. "Launch likely imminent for Grayscale's Hyperliquid ETF," Seyffart wrote on X.

The filing revealed the ETF will charge a 0.29% management fee, which undercuts competitors including Bitwise and 21Shares' HYPE ETFs. Seyffart noted the fee "slightly undercuts $BHYP and $THYP which are 0.34% and 0.30% respectively." It remains unclear whether additional fees will apply to staking operations. The final prospectus also mentions approximately 2 million HYPE tokens will be used as seed funding for the fund. At the current HYPE price, those holdings are worth roughly $146 million.