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…