Grayscale's HYPG Leads the Hyperliquid ETF Race @Grayscale's Hyperliquid Staking ETF, trading under the ticker $HYPG on Nasdaq, has emerged as the dominant institutional product in the fast-g
@Grayscale's Hyperliquid Staking ETF, trading under the ticker $HYPG on Nasdaq, has emerged as the dominant institutional product in the fast-growing $HYPE ETF category. As of June 26, 2026, the fund manages $123.28M in assets and holds 1,941,165 $HYPE tokens, placing it ahead of rival products from 21Shares and Bitwise by assets under management.
Grayscale launched $HYPG on Nasdaq with a 0.29% sponsor fee, undercutting rival Hyperliquid funds from 21Shares and Bitwise. 21Shares debuted its fund (THYP) on Nasdaq on May 12 with a 0.30% fee, while Bitwise followed with its BHYP ETF, initially waiving fees before stepping up to 0.34% upon the end of the promotional window. That makes $HYPG the most cost-effective regulated vehicle for $HYPE exposure currently available in the United States.
Unlike traditional crypto ETFs that simply hold an underlying asset, $HYPG is designed to generate additional returns through staking. The fund participates in the Hyperliquid network's staking process, allowing investors to capture staking rewards through the ETF structure. Grayscale cites historical staking rewards of about 2.2% annually. Those rewards, net of fees and expenses, flow through to the fund's net asset value, offering investors a potential return beyond simple price appreciation.
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. The protocol generated about $857 million in revenue during 2025, with almost 99% directed toward $HYPE buybacks, a model that ties network usage directly to the token's value.
$HYPG is the third U.S.-listed Hyperliquid fund, with HYPE ETFs already topping $132 million in inflows. That pace of adoption reflects a broader shift in how institutional investors are approaching DeFi infrastructure. 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.
As with any staking product, risks apply. When a fund stakes its underlying asset, the token is subject to staking risks generally, including a lock-up period during which the fund cannot sell or transfer the staked token, making it illiquid for that period. Investors should review the fund's prospectus carefully before committing capital.
Sources:Grayscale Hyperliquid Staking ETF (HYPG) Official PageCoinDesk: Grayscale Launches Lowest-Fee U.S. Hyperliquid ETFGlobeNewswire: Grayscale Official Press Release
