Grayscale said Wednesday that it has launched the Grayscale Hyperliquid Staking ETF on Nasdaq under the ticker HYPG, with a sponsor fee of 0.29%. On a standard fee basis, that puts the new fund below other U.S.-listed Hyperliquid products and sharpens competition in the young market for HYPE investment vehicles.
Two rival funds were already in place. 21Shares’ Hyperliquid ETF, THYP, started trading on Nasdaq on May 12 with a 0.30% expense ratio. Bitwise’s BHYP followed three days later on the New York Stock Exchange, offering a 0% promotional fee for its first month before moving to 0.34%. Once temporary discounts are stripped out, Grayscale now holds the lowest headline fee among the three.
HYPG adds staking rewards on top of HYPE exposure
HYPG is not structured as a plain spot-style crypto fund that only holds the underlying asset. Grayscale said the ETF will seek exposure to HYPE while also taking part in the network’s staking process, allowing investors to receive staking rewards through the fund structure. The company said HYPE staking rewards have historically averaged about 2.2% annually.
That gives the fund a different pitch. It is built around price exposure, but also around capturing onchain yield tied to the protocol itself.
Hyperliquid’s expansion is drawing more issuer attention
The quick arrival of several Hyperliquid funds points to rising investor interest in the protocol behind the HYPE token. Hyperliquid began as a decentralized perpetual futures exchange, then expanded into a broader blockchain ecosystem that supports smart contracts, tokenized assets, and new financial market activity.
Grayscale tied part of that interest to the protocol’s financial performance. According to the asset manager, Hyperliquid generated about $857 million in revenue during 2025, placing it among the highest-earning applications in crypto. The firm also highlighted the project’s economic design, saying roughly 99% of protocol fees are directed toward token buybacks, a mechanism supporters say links network usage directly to HYPE value accrual.
Institutional focus is moving beyond bitcoin and ether
In a statement, Grayscale Senior Vice President of Capital Markets Krista Lynch said the launch of HYPG on Nasdaq reflects the firm’s view that Hyperliquid is genuinely differentiated in digital assets and was built to support onchain trading and market activity at scale.
The listing adds to a broader pattern in the market. Institutional investors are showing more interest in crypto-native infrastructure projects beyond bitcoin and ether, especially those that generate revenue and resemble parts of traditional financial networks. Hyperliquid’s growth in perpetual futures trading, along with its push into tokenized assets and other financial products, has led some analysts to treat it as a possible building block for wider onchain market infrastructure.