Grayscale’s Hyperliquid ETF could begin trading as soon as this week after the asset manager updated its registration filing with a ticker symbol and management fee.
Summary
- Grayscale has added a 0.29% fee and the HYPG ticker to its Hyperliquid ETF filing, with Bloomberg analyst James Seyffart expecting a launch as soon as this week.
- The proposed fund would become the third U.S. listed Hyperliquid ETF and would charge less than rival products from 21Shares and Bitwise.
Bloomberg Intelligence ETF analyst James Seyffart said on X that the product’s launch appears imminent and that he expects trading to begin this week after Grayscale submitted its sixth amendment for the fund.
The updated filing shows the ETF would trade under the ticker HYPG and charge a 0.29% sponsor fee. If approved, the fund would become the third U.S.-listed ETF tied to Hyperliquid’s native token, HYPE, joining products already launched by 21Shares and Bitwise.
Fee competition has emerged quickly among issuers targeting the fast-growing Hyperliquid market. Grayscale’s proposed charge sits below the 0.30% fee attached to 21Shares’ THYP fund and below Bitwise’s BHYP, which transitions to a 0.34% fee after an introductory period.
Grayscale prepares to enter a growing HYPE ETF market
Interest in regulated Hyperliquid products has increased since 21Shares launched THYP and its leveraged companion fund, TXXH, on Nasdaq in May.
As previously reported by crypto.news, 21Shares said THYP attracted more than $5 million within days of launch. Eli Ndinga, global head of research at 21Shares, said at the time that the demand demonstrated investor interest in continuous access to crypto-linked markets.
Ndinga also argued that Hyperliquid reacted to geopolitical developments before traditional markets reopened, describing the protocol as a key piece of around-the-clock trading infrastructure.
HYPE-linked ETFs had accumulated more than $132 million in net inflows by last month. Recent industry data now shows combined inflows into the 21Shares and Bitwise products approaching $140 million.
Grayscale’s filing indicates that HYPG would follow a similar strategy by staking HYPE holdings to generate protocol rewards alongside exposure to the token’s price. The firm’s previous filings contemplated staking at a later stage, subject to regulatory and tax considerations, but the latest version formally identifies the vehicle as the Grayscale Hyperliquid Staking ETF.
Grayscale is also negotiating with Hyper Holdings Global LP over a seed transaction involving approximately 2 million HYPE tokens valued at about $115 million. According to the report, the tokens would be exchanged for ETF shares before the fund begins trading.
The ETF push comes as Hyperliquid continues to expand its presence in crypto derivatives markets.
Blockchain data shows the platform now regularly processes more than $170 billion in monthly trading volume across multiple asset classes. Hyperliquid operates as an on-chain perpetual futures exchange where traders can gain exposure to price movements without owning the underlying assets directly.
Demand for HYPE has accelerated alongside that growth. The token reached a record high of $75.3 on Monday, while its market capitalization climbed to roughly $16.7 billion, making it the tenth-largest cryptocurrency by market value.
Meanwhile, Grayscale’s planned launch arrives during a period of weaker demand for the largest crypto ETF categories. U.S. spot Bitcoin ETFs have recorded net outflows for 10 consecutive trading sessions, losing nearly $3 billion over that period.
Data from the U.S. Ether ETF market also shows a 14-day outflow streak as withdrawals continue to exceed fresh inflows.
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