Hyperliquid (HYPE) Price: Three Asset Managers Submit ETF Applications as Weekly Gain Reaches 21%

TLDR

• Grayscale has submitted an S-1 filing to the SEC for a spot Hyperliquid ETF, joining Bitwise and 21Shares in this effort
• HYPE saw an approximate 21% weekly gain and is trading in the $40–$43 range
• HYPE temporarily overtook Cardano (ADA) to enter the top 10 cryptocurrencies by market capitalization
• BitMEX co-founder Arthur Hayes has set a $150 price target for HYPE by August 2026
• Hyperliquid records around $500 million in daily trading volume, with 97% of its revenue allocated to repurchasing HYPE

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(SeaPRwire) –   Grayscale has filed an S-1 registration statement with the U.S. Securities and Exchange Commission for a spot Hyperliquid ETF. If approved, the fund will trade on Nasdaq under the ticker symbol GHYP, with Coinbase listed as its custodian. No management fee has been disclosed to date.

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 filing places Grayscale alongside Bitwise and 21Shares, both of which have already submitted applications for similar products. Bitwise filed in September and updated its application in December to include staking features. 21Shares also kept the option of adding staking open in its October filing.

Grayscale noted it may incorporate staking into the GHYP product at a later date, though no concrete plans have been announced. Staking would allow investors to earn yield in addition to any price gains from holding HYPE.

ETF Competition Intensifies Amid HYPE’s Price Surge

The wave of ETF applications comes as HYPE gains momentum in the market. The token rose roughly 21% this week, reaching a price range of $40 to $43. This upward move was enough to temporarily push Hyperliquid past Cardano (ADA) in market capitalization, placing it in the top 10 for a short period.

ADA also saw gains this week, trading near $0.29, but the increase wasn’t sufficient to maintain its ranking position. Crypto analyst Ali Martinez pointed to a potential buy signal for ADA, stating the token needs to hold the $0.23 support level to recover toward $0.32 and $0.37.

My essay on why $HYPE is going to $150 by August 2026.

https://t.co/M1la2HpdzT

— Arthur Hayes (@CryptoHayes) March 9, 2026

BitMEX co-founder Arthur Hayes has publicly set a $150 price target for HYPE by August 2026. This would represent an approximate fivefold increase from earlier levels around $30. Hayes argues Hyperliquid’s model—where about 97% of platform revenue is used to buy back HYPE—directly ties the token’s value to real earnings.

Platform Engagement Fuels HYPE Demand

Hyperliquid operates a decentralized perpetual futures exchange. It handles between $40 billion and $100 billion in weekly trading volume, making it the leading platform in this category according to DeFiLlama data.

Daily volume has reached around $500 million at recent peaks. The platform is also expanding into new areas, including bringing the S&P 500 on-chain.

Several competitors like Aster, Lighter, and edgeX launched in 2025 and have taken a small share of activity, but Hyperliquid still leads by a wide margin most weeks.

Total weekly perpetual futures volume across all platforms has ranged between $125 billion and $300 billion this year—more than double the levels seen at the same point last year.

HYPE is currently trading in the $40–$43 range following its 21% weekly gain.