Grayscale has filed with the U.S. Securities and Exchange Commission to launch an exchange-traded fund that would hold the HYPE token and be listed on Nasdaq under the ticker GHYP, Grayscale's S-1 registration statement says. The firm said it may stake some holdings in the future, though

Tokenization was long sold as crypto’s bridge to Wall Street, but the real institutional prize is programmable yield. Following the regulatory clarity that emerged in 2025, institutions have moved from exploratory exposure toward infrastructure-level participation. Large allocators are less interested in static tokenized wrappers than in yield, capital efficiency