Grayscale has launched the Grayscale Hyperliquid Staking ETF (HYPG) with a competitive fee of 0.29%, leading the U.S. market in Hyperliquid ETFs.
Grayscale has launched a new exchange-traded product (ETP) called the Grayscale Hyperliquid Staking ETF (HYPG) on Nasdaq, featuring the lowest fees available among U.S. Hyperliquid ETFs. This initiative marks a significant step in the competitive environment for cryptocurrency ETFs.
The HYPG boasts a management fee of just 0.29%, undercutting rival products such as 21Shares' THYP, which entered the market with a 0.30% fee on May 12, and Bitwise's BHYP, which began with a promotional 0% for the first month, later rising to 0.34%. Grayscale's pricing gives it a competitive edge in this growing market.
The launch of these Hyperliquid funds indicates a rising demand for investment in the HYPE token, which is part of a decentralized blockchain protocol originally designed for perpetual futures trading. This protocol has since expanded to include features like smart contracts and tokenized assets.
Unlike many traditional crypto ETFs that primarily hold assets, the HYPG aims to enhance returns through active staking, allowing investors to reap staking rewards, which Grayscale reports average around 2.2% annually for HYPE holders. In addition, Hyperliquid has generated approximately $857 million in revenue in 2025, highlighting its significance in the DeFi space.
Grayscale emphasized the unique economic model of Hyperliquid, noting that nearly all of the protocol's fees are directed towards token buybacks, a strategy intended to align network usage with HYPE's value appreciation. Krista Lynch, Grayscale's senior vice president of capital markets, expressed confidence in the protocol’s potential to drive significant trading and market activity.
The introduction of HYPG suggests a shift in institutional investment strategies, as firms look beyond Bitcoin and Ethereum to support innovative blockchain projects that offer revenue generation and a more traditional financial framework. Hyperliquid's capabilities in perpetual futures and tokenization position it as a key player in the evolving landscape of on-chain market structures.
