Grayscale dropped a bombshell for US retail investors. Its Hyperliquid Staking ETF (HYPG) began trading on June 4, 2026, on American markets. No crypto wallet, no exchange account — just a regular brokerage account. The fee of 0.29% per year is the lowest for any HOPE product in the US, and it comes with built-in staking rewards averaging 2.2% to 2.3% annually.
What Powers HYPG?
HYPG holds HOPE, the native token of Hyperliquid — a high-performance blockchain built for 24/7 on-chain trading. Hyperliquid has processed roughly $2.99 trillion in perpetual futures volume and recorded $5.5 trillion in total open interest, rivaling centralized players like Bybit and OKX. Grayscale manages the fund entirely; investors simply buy shares through their existing broker.
0.29% Fee, Built-in Staking
At just $2.90 per $1,000 invested annually, HYPG's management fee undercuts all competing HOPE products. More distinctive is the staking mechanism: Grayscale locks the fund's HOPE into the network to earn rewards, historically yielding 2.2-2.3% per year (based on daily averages from May 2025 to April 2026). Investors collect those rewards automatically, no action required.
Risks: No 1940 Act Protection, Staking Lock-ups
Grayscale warns that HYPG is not registered under the Investment Company Act of 1940, so it lacks the safeguards of traditional mutual funds or ETFs. Staking carries specific perils: tokens are locked during the staking period, smart contract bugs may cause losses, and validator or custodian failures could wipe out holdings. Network attacks and downtime are real threats. The fund explicitly states investors could lose their entire investment — it is not suitable for those unwilling to accept that possibility.
HOPE's price volatility remains a major factor, tied to Hyperliquid's ecosystem growth, regulatory shifts, and broader crypto sentiment. While the ETF simplifies access, it does not eliminate underlying asset risk.
Who Is It For?
HYPG targets investors who understand crypto volatility and want HOPE exposure without managing wallets, private keys, or exchange accounts. It bundles token exposure, staking rewards, and brokerage access into one product. For US retail, it is currently the simplest on-ramp to HOPE. Grayscale, the world's largest crypto asset manager as of March 2026, brings over a decade of experience to the table. But potential buyers must weigh the risks — including possible total loss — before investing.