Hyperliquid (HYPE) Surges 21% as Grayscale Joins ETF Application Rush Alongside Bitwise and 21Shares

Key Highlights

Table of Contents

Grayscale has submitted an S-1 filing to the SEC for a Hyperliquid spot ETF, following Bitwise and 21Shares
HYPE has climbed approximately 21% over the past week, currently trading between $40 and $43
The token momentarily surpassed Cardano (ADA) in market capitalization, breaking into the top 10 cryptocurrencies
Arthur Hayes, co-founder of BitMEX, projects HYPE could reach $150 by August 2026
The platform processes approximately $500 million in daily trading activity, with 97% of fees allocated to token buybacks

Grayscale has submitted an S-1 registration document to the United States Securities and Exchange Commission seeking approval for a Hyperliquid exchange-traded fund. Should the application receive regulatory clearance, the investment vehicle would list on Nasdaq under the symbol GHYP, utilizing Coinbase as the designated custodian. The company has not yet revealed details regarding management fees.

BREAKING: Grayscale has filed an S-1 with the SEC for a Hyperliquid (HYPE) ETF. It would trade on Nasdaq under the ticker 'GHYP'. pic.twitter.com/gRJc2tmsdS
— SwanDesk (@SwanDesk) March 21, 2026

This submission positions Grayscale in direct competition with Bitwise and 21Shares, which have previously submitted their own applications for comparable investment products. Bitwise initiated its filing in September and revised the documentation in December to incorporate staking capabilities. 21Shares similarly included provisions for potential staking functionality in its October submission.

According to Grayscale’s filing, the firm may incorporate staking features into the GHYP offering down the line, although no concrete timeline has been established. Staking functionality would enable participants to generate additional returns beyond capital appreciation from HYPE token holdings.

Competition Intensifies Amid Token Performance Surge

The flurry of ETF applications arrives during a period of strong momentum for HYPE in cryptocurrency markets. The digital asset appreciated roughly 21% throughout the week, establishing a trading corridor between $40 and $43. This upward movement temporarily elevated Hyperliquid above Cardano (ADA) by total market valuation, briefly securing a spot among the top 10 cryptocurrencies.

Cardano also experienced positive price action during the same timeframe, hovering around $0.29, though the gains proved insufficient to maintain its market cap ranking. Market analyst Ali Martinez identified a possible accumulation opportunity for ADA, noting that maintaining support at $0.23 could catalyze a rally toward $0.32 and subsequently $0.37.

My essay on why $HYPE is going to $150 by August 2026.
https://t.co/M1la2HpdzT
— Arthur Hayes (@CryptoHayes) March 9, 2026

Arthur Hayes, who co-founded the BitMEX derivatives platform, has publicly established a $150 valuation forecast for HYPE with a timeline extending to August 2026. This projection suggests approximately 5x appreciation from previous price levels around $30. Hayes contends that Hyperliquid’s economic structure—which channels roughly 97% of protocol revenues into HYPE token repurchases—creates a direct correlation between platform earnings and token valuation.

Trading Volume Fuels Token Buyback Mechanism

Hyperliquid operates a decentralized platform specializing in perpetual futures contracts. The protocol facilitates between $40 billion and $100 billion in weekly trading activity, establishing it as the dominant player in this sector based on metrics from DeFiLlama.

Peak daily trading volumes have approached $500 million in recent sessions. The platform continues to broaden its product offerings, including initiatives to tokenize traditional financial instruments like the S&P 500 index on blockchain infrastructure.

Multiple competing platforms such as Aster, Lighter, and edgeX entered the market during 2025 and have captured modest market share, though Hyperliquid maintains commanding leadership in weekly volume metrics.

Aggregate weekly perpetual futures trading across all decentralized platforms has ranged between $125 billion and $300 billion throughout this year—representing more than double the volume recorded during the corresponding period last year.

HYPE currently trades within the $40–$43 range after posting its 21% weekly advance.