Grayscale, the digital asset manager, has officially launched its Hyperliquid Staking ETF under the ticker HYPG on the Nasdaq exchange. This listing expands the number of U.S.-traded HYPE spot ETFs to three, joining the previously available Bitwise Hyperliquid ETF (BHYP) and another product, giving investors more avenues to gain exposure to the Hyperliquid ecosystem.
First-day net inflows: HYPG attracts $4.7 million while BHYP leads with $7.45 million
Data from SoSoValue shows that on the first full trading day after HYPG's listing, the entire HYPE spot ETF category recorded a total net inflow of $12.1494 million. Breaking down the figure, the newly listed Grayscale HYPG drew $4.6973 million in net new money, marking its historical cumulative net inflow at that same amount. On the same day, the Bitwise Hyperliquid ETF (BHYP) brought in $7.4521 million, standing out as the single-day leader and pushing its own historical cumulative net inflow to $90.4123 million.
Total assets and long-term inflow accumulation
As of press time, the combined total net asset value of all HYPE spot ETFs stood at $186 million, with HYPE's net asset ratio at 1.24%. Looking at the longer horizon, the historical cumulative net inflow across these products has reached $152 million since their respective launches. Within that total, Bitwise BHYP accounts for the lion's share at $90.4123 million, while Grayscale HYPG's cumulative total, being newly launched, equals its first-day inflow.
Product mechanics: low fee and staking yield
Grayscale HYPG supports both cash and in-kind subscriptions, with a management fee set at 0.29% annually. A key feature is the integration of HYPE staking, allowing the ETF to generate additional yield for holders through the underlying token's proof-of-stake mechanism. Subscription and redemption are conducted in creation units of 10,000 shares, and the in-kind option is exclusively available to authorized participants (APs). This structure ensures efficient liquidity and tight tracking of the ETF's net asset value.
Market implications
The arrival of Grayscale's HYPG underscores the continued expansion of crypto spot ETFs beyond Bitcoin and Ethereum into emerging layer-1 ecosystems. By bundling staking rewards within a regulated exchange-traded product, HYPG lowers the barrier for traditional investors seeking exposure to Hyperliquid without managing wallets or staking operations directly. The growing lineup of HYPE spot ETFs is likely to enhance the token's market depth and price discovery, while providing a yield-enhancing vehicle for long-term allocations.