Grayscale has filed with the U.S. Securities and Exchange Commission (SEC) to launch a new exchange-traded fund for the HYPE token, amid the surging popularity of decentralized exchange Hyperliquid.

The Crypto asset manager’s proposed fund would hold the HYPE token and be listed on Nasdaq under the ticker GHYP, according to the S-1 registration statement.

Grayscale said it may stake some holdings in the future, though it cannot do so now. The filing doesn’t disclose a proposed fee. Other asset managers that have also filed for HYPE ETFs include Bitwise and 21Shares, which already operate a HYPE exchange-traded product in Europe with a 2.5% total expense ratio.

HYPE is the native token of the Hyperliquid network, which is home to the…