Key Takeaways:
- Grayscale Hyperliquid Staking ETF (HYPG) began trading on Nasdaq on June 3
- The 0.29% sponsor fee is the lowest among three U.S. HYPE ETF offerings
- HYPG offers staking exposure with historical rewards averaging 2.2% annually
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Grayscale launches Hyperliquid ETF at 0.29% fee, undercutting rivals
Grayscale Investments launched the Grayscale Hyperliquid Staking ETF on Nasdaq on Wednesday with a 0.29% sponsor fee, undercutting rival Hyperliquid exchange-traded products from 21Shares and Bitwise in the fastest-growing crypto ETF category.
"The launch of HYPG on Nasdaq reflects our conviction that Hyperliquid represents something genuinely differentiated in the digital asset landscape, a protocol built to support onchain trading and market activity at scale," Krista Lynch, senior vice president of capital markets at Grayscale, said.
The fund, trading under ticker HYPG, charges a 0.29% gross management fee, below 21Shares' THYP at 0.30% and Bitwise's BHYP at 0.34% after its promotional period ends. HYPG seeded with approximately 2 million HYPE tokens valued at about $146 million, according to the final prospectus filed with the SEC. The ETF also participates in network staking, which has historically generated rewards averaging 2.2% annually, Grayscale said.
The launch marks the third HYPE ETF to hit U.S. markets in less than a month, with combined net inflows exceeding $136 million across all products, per SoSo Value. Hyperliquid generated approximately $857 million in protocol revenue during 2025, with 99% of fees directed to token buybacks, positioning HYPE as one of the most value-accretive tokens in decentralized finance.
The SEC declared Grayscale's registration statement effective at 4:00 p.m. ET on June 2, with the final prospectus filed the same day, clearing the final regulatory hurdle for the fund to begin trading.
Hyperliquid, launched in 2024, began as a decentralized perpetual futures exchange and has expanded into a broader blockchain ecosystem supporting smart contracts, tokenized assets and new financial markets. The protocol has become one of the top-earning applications in decentralized finance, with sustained fee revenue indicating product-market fit, Grayscale said in a statement.
HYPE traded at $72.49 at the time of writing, down 1.93% over the past 24 hours, according to CoinGecko. The token has surged more than 180% year-to-date, outperforming Bitcoin and Ethereum as the broader crypto market declined.
The rapid emergence of multiple HYPE ETF products reflects growing institutional interest in crypto-native infrastructure projects that generate revenue and resemble traditional financial networks. Around 1% of HYPE's total market capitalization is now held across the three U.S. ETF products, according to SoSo Value.
This article is for informational purposes only and does not constitute investment advice.
[1] Grayscale launches lowest-fee U.S. Hyperliquid ETF as competition heats up around HYPE[2] Barry Silbert-Linked Grayscale Set To Launch New Hyperliquid ETF Today—Here's What You Need To Know About HYPG[3] BREAKING: SEC Approves Grayscale Hyperliquid Staking ETF Application[4] Grayscale Investments Launches the Lowest Gross Fee Hyperliquid ETP in the U.S. with Grayscale® Hyperliquid Staking ETF (Ticker: HYPG)
