Grayscale has filed with the U.S. Securities and Change Fee (SEC) to launch a brand new exchange-traded fund for the HYPE token, amid the surging reputation of decentralized change Hyperliquid.
The Crypto asset supervisor’s proposed fund would maintain the HYPE token and be listed on Nasdaq beneath the ticker GHYP, based on the S-1 registration assertion.
Grayscale stated it might stake some holdings sooner or later, although it can’t accomplish that now. The submitting would not disclose a proposed charge. Different asset managers which have additionally filed for HYPE ETFs embrace Bitwise and 21Shares, which already function a HYPE exchange-traded product in Europe with a 2.5% complete expense ratio.
HYPE is the native token of the Hyperliquid community, which is dwelling to the main decentralized change of the identical identify. Its core layer handles perpetual futures and spot markets, whereas a second layer helps Ethereum-style sensible contracts.
Perpetual futures contracts, or “perps,” are spinoff devices with out expiration dates that enable traders to put bets on an asset’s worth with out proudly owning it. Their infinite length (perpetual futures contracts by no means expire, in contrast to conventional contracts), high-leverage choices, and round the clock entry have made them extraordinarily in style within the crypto house.
The submitting comes as Hyperliquid sees rising curiosity from merchants betting on conventional monetary property, together with oil and gold, whereas warfare rages within the Center East. The platform has additionally not too long ago added an S&P 500 perpetual contract.
In easy phrases, the platform’s worth proposition is not only crypto buying and selling, but in addition the flexibility to guess on conventional property across the clock, even when most markets are closed.
The buying and selling frenzy has seen Hyperliquid’s weekly derivatives buying and selling quantity high $50 billion, with greater than $6.5 billion being traded prior to now 24 hours alone, based on DeFiLlama knowledge.
That has helped the Hyperliquid chain dominate in income, which stands at $1.6 million over the past 24 hours, in comparison with $335,000 for BNB Chain and $192,000 for the Bitcoin blockchain, based on Artemis knowledge.
This elevated exercise has captured many bullish takes from crypto traders and market observers. Just lately, Arthur Hayes, the co-founder of BitMEX and CIO of Maelstrom, stated the platform’s robust income, actual buying and selling exercise, and disciplined token provide may take its native token, HYPE, to $150.
The token presently trades round $40 and has risen by 57% this yr, whereas bitcoin fell about 20% and Ethereum’s native token, ether, fell about 28%.