Grayscale Investments filed a second amendment to its S-1 registration statement with the U.S. Securities and Exchange Commission on May 11, 2026, to formally advance its proposed … ultra-liquid ETF.
High liquidity enters the institutional phase
According to the most recently submitted documents, as competition intensifies among altcoin ETF products, institutional investor interest in Hyperliquid’s native token, HYPE, continues to grow. The filing states that the proposed product, currently named the Grayscale HYPE ETF, aims to allow investors to gain direct exposure to the HYPE token without holding the actual token. The trust will operate similarly to spot Ethereum and Bitcoin ETFs by holding actual HYPE tokens within its fund structure.
The new staking provision is one of the most significant changes in this revision. The clause previously added by Grayscale may allow the ETF to profit from it. Staking HYPE holdings If U.S. regulators approve this structure, the company has even suggested the product could ultimately be named the Grayscale Hyperliquid Staking ETF.
This document also highlights Hyperliquid’s rapid transformation from a professional decentralized derivatives platform into a competitive institutional-grade exchange. According to Grayscale’s own records, as of March 31, 2026, HYPE has entered the top ten digital assets by market capitalization, with daily trading volume exceeding $230 million.
The ETF structure is also becoming closer to operational completion; in the previous revision, Anchorage Digital Bank assumed Coinbase’s custodian role, while BNY Mellon continues to handle administrative and transfer agency functions. This change indicates that Grayscale is enhancing the product to improve its long-term institutional compatibility and regulatory credibility.
In addition, the broader context must be considered. The listing of ultra-liquid ETFs is no longer limited to Grayscale. As companies like Bitwise and 21Shares compete to launch similar investment products, ultra-liquidity is becoming one of the fastest-growing institutional investment directions in the cryptocurrency space.
Although this document does not guarantee market access, it does confirm a key point: hyperliquidity is no longer viewed as a speculative side hustle. Wall Street is actively building infrastructure around it.