Grayscale Launches Hyperliquid Staking ETF on NASDAQ

Grayscale Enters the HYPE ETF Race with Lowest Fee

@Grayscale has launched the Grayscale Hyperliquid Staking ETF, ticker $HYPG, on Nasdaq, giving U.S. investors their first regulated vehicle that combines spot exposure to the $HYPE token with integrated staking rewards. Grayscale said it launched $HYPG with a 0.29% sponsor fee, undercutting rival Hyperliquid funds from 21Shares and Bitwise.

The fee undercuts rival Hyperliquid products from both 21Shares and Bitwise. 21Shares' Hyperliquid ETF, THYP, began trading on Nasdaq on May 12 with a 0.30% expense ratio, while Bitwise's BHYP launched three days later on the NYSE with a promotional 0% fee for its first month, rising to 0.34% thereafter. On a normalized basis, Grayscale's HYPG is now the most cost-competitive of the three.

The new product offers investors exposure to HYPE, the native token of the Hyperliquid protocol, while seeking to capture staking rewards generated through active participation in the network's staking process. Grayscale states that the historical staking rewards for HYPE are approximately an annualized 2.2%.

Grayscale said roughly 99% of protocol fees are directed toward token buybacks, a mechanism supporters argue links network usage directly to HYPE's value accrual.

The Protocol Behind the Product

Hyperliquid began as a decentralized perpetual futures exchange but has expanded into a broader blockchain ecosystem that supports smart contracts, tokenized assets, and new financial markets. HYPE has grown to be the tenth largest cryptocurrency with a market cap of $15.8 billion.

Grayscale said Hyperliquid processed about $2.9 trillion in perpetual volume in 2025 and holds roughly $7 billion in open interest, ranking it among the biggest perpetual futures exchanges of any kind. The protocol's scale and fee-generating model have drawn growing institutional attention, with the HYPG launch adding further momentum to that trend.

The SEC's Notice of Effectiveness confirmed that the Grayscale Hyperliquid Staking ETF's registration statement was effective at 4:00 p.m. ET on June 2, 2026, clearing the final regulatory hurdle ahead of today's trading debut.

The fund's debut adds another sign that institutional investors are increasingly looking beyond bitcoin and ether toward crypto-native infrastructure projects that generate revenue and resemble traditional financial networks.

Sources:
CoinDesk: Grayscale launches lowest-fee U.S. Hyperliquid ETF
The Block: Grayscale launches HYPG Hyperliquid ETF on Nasdaq
Grayscale: Official HYPG ETF page