Grayscale officially rolled out its Hyperliquid Staking ETF (HYPG) on Nasdaq on June 3, throwing itself into an immediate three‑way fee battle for investor assets tied to the HYPE token. With an annual gross management fee of 0.29%, HYPG undercuts rivals Bitwise (BHYP) and 21Shares (THYP), which charge 0.34% (after a zero‑fee introductory period) and 0.30% respectively. All three funds hold physically backed HYPE and participate in network staking – HYPE has historically yielded about 2.2% annually – with rewards net of fees flowing into the fund’s NAV. The narrow fee gap makes distribution reach and brokerage placement the likely differentiators in the early race for assets.
In the two days following launch, HYPG accumulated roughly $5 million worth of HYPE, according to on‑chain data shared by analyst Hupzy. While modest in absolute size, the buying illustrates a structural shift: an ETF creates consistent, regulation‑driven demand that can absorb market selling pressure irrespective of retail sentiment. If net inflows persist, Grayscale could become one of the largest institutional holders, joining addresses linked to venture firm a16z.
Hyperliquid, launched in 2024 as a decentralised perpetuals exchange, has expanded into a smart‑contract platform that generated $857 million in fees in 2025, with 99% recycled into token buybacks. HYPE hit an all‑time high of $75.51 on June 2 before easing to about $64 amid broader market softness. Grayscale senior vice‑president of capital markets Krista Lynch called Hyperliquid “genuinely differentiated,” framing HYPG as part of the firm’s broader push to bring emerging digital assets into exchange‑traded format.
