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Grayscale Files For HYPE ETF – Here’s What To Know
Prominent asset manager Grayscale has moved to launch a HYPE exchange-traded fund (ETF) following a recent application with the SEC. This development means Grayscale joins a list of growing asset managers with the intention to add an HYPE fund to their portfolio.
About The Grayscale HYPE ETF
According to filings on March 20, Grayscale has now submitted an S-1 registration form for the Grayscale HYPE ETF with the US Securities and Exchange Commission (SEC). The proposed fund is expected to trade on the NASDAQ exchange under the GHYP symbol. For context, HYPE represents the native token of Hyperliquid, a layer one blockchain designed to enhance the efficiency of decentralized finance applications. One prominent feature of Hyperliquid is its ability to facilitate direct perpetual futures trading, eliminating the need for gas fees in transactions.
Hyperliquid was launched in 2023, with HYPE token making its debut in 2024. Since then, the altcoin has experienced impressive traction, resulting in a market cap of $10.23 billion, making it the 10th largest cryptocurrency in the world, according to data from CoinMarketCap. In relation to the Grayscale HYPE ETF, Delaware Trust Company will be the designated trustee, while the Bank of New York Mellon is the transfer agent, and will serve alongside the co-transfer agent Continental Stock Transfer & Trust Company. In addition, the Coinbase Custody Trust LLC will serve as custodian of the fund, as practiced with other Grayscale ETFs.
The fund’s prospectus also states there is the possibility of engaging in staking in the future. However, this would only occur after the staking condition has been satisfied. Alongside Grayscale, other asset managers looking to launch a HYPE ETF include 21Shares and Bitwise. Notably, the SEC under Chairman Paul Atkins has been granting approval to a series of crypto-related ETFs in line with advancing President Donald Trump’s pro-crypto agenda. This includes spot ETFs related to XRP, Solana, Dogecoin, Chainlink, Avalanche, and Litecoin.
HYPE Price Overview
At the time of writing, HYPE is trading at $39.44 after a minor 1.18% decline in 24 hours. Meanwhile, altcoin has recorded a 38.29% gain in the last month, emerging as one of the standout performers in the crypto market. Notably, Coincodex analysts predict HYPE is positioned to hit a $88.34 price by year’s end, representing 124.11% gain on present market prices.
These 5 Crypto Stocks Still Look Undervalued – Here’s What Analysts Are Saying
TLDR
- CleanSpark posted over 100% revenue growth in fiscal 2025 and holds a Moderate Buy consensus from 15 analysts
- MARA Holdings has a Hold consensus but offers scale and a Bitcoin treasury strategy that could pay off if prices stay firm
- Riot Platforms accelerated revenue growth in 2025 and analysts are watching its power assets and data-center potential
- Bitdeer carries an average analyst price target implying over 200% upside, with the bull case tied to its SEALMINER hardware ramp
- Galaxy Digital spans trading, asset management, investment banking, and mining, with a Moderate Buy from 15 analysts
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As Bitcoin has regained strength in 2026, a group of crypto-linked stocks has started drawing renewed attention from analysts. Five names in particular stand out: CleanSpark, MARA Holdings, Riot Platforms, Bitdeer Technologies, and Galaxy Digital. Together they cover Bitcoin mining, power infrastructure, hardware, and digital asset services.
CleanSpark
CleanSpark is one of the cleaner fundamental stories in the sector right now.
The company reported fiscal 2025 revenue growth of more than 100%. That kind of growth rate is hard to ignore.
MarketBeat data shows a Moderate Buy consensus from 15 analysts — 13 buys, 1 hold, and 1 sell. The investment case is straightforward: strong execution and a valuation that still looks reasonable compared to many crypto infrastructure peers.
MARA Holdings
MARA Holdings is more divisive, and that is part of why some investors still see value in it.
Marathon Digital Holdings, Inc., MARA
The company posted strong full-year revenue growth but currently carries a Hold consensus on MarketBeat, with 7 buys, 3 holds, and 2 sells. That more cautious view likely reflects the stock’s history of volatility.
MARA’s Bitcoin treasury strategy sets it apart from pure miners. If Bitcoin prices stay firm and the company improves its operating efficiency, there is room for the sentiment to shift.
Riot Platforms
Riot Platforms saw revenue growth accelerate sharply in 2025. MarketBeat lists a Moderate Buy from 18 analysts — 16 buys, 1 hold, and 1 sell.
Riot is not only a mining story. Investors are paying close attention to its power assets and growing data-center footprint.
That optionality could help the stock trade at a better multiple over time, as the market starts to value it more like an infrastructure company than a pure Bitcoin miner.
Bitdeer Technologies
Bitdeer is the highest-risk, highest-reward name in this group.
MarketBeat’s data shows an average price target of $26.60, which implies more than 200% upside from recent share prices. Several brokers have maintained buy or overweight ratings even after cutting their targets.
The bull case rests on rapid revenue growth, self-mining expansion, and the continued ramp of its SEALMINER hardware line. Execution risk is real, but so is the potential reward if the plan holds.
Galaxy Digital
Galaxy Digital brings the broadest business mix of the five.
Rather than being just a miner or an exchange proxy, Galaxy spans trading, principal investing, asset management, investment banking, and mining. MarketBeat shows a Moderate Buy consensus with 1 strong buy, 11 buys, 2 holds, and 1 sell. The average price target sits around $42.54 to $42.77.
Galaxy’s valuation still looks restrained relative to the range of businesses it operates, particularly given its exposure to data-center growth through its Helios facility.
Final Thoughts
These five companies are not identical bets. CleanSpark and Riot offer relatively balanced risk profiles. MARA brings scale with more debate around valuation. Bitdeer carries the highest potential upside but also the most execution risk. Galaxy offers the widest diversification across the crypto sector.
The main near-term catalysts across the group are sustained Bitcoin prices, lower energy costs, more efficient mining fleets, and continued progress at their data-center operations. Galaxy’s Helios execution and Bitdeer’s SEALMINER ramp are the two most closely watched developments heading into the rest of 2026.
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