Digital asset manager Grayscale launched the Grayscale Hyperliquid Staking ETF (ticker: HYPG) on Nasdaq on Wednesday, carrying a gross management fee of 0.29%, which Grayscale said is the lowest among U.S.-listed Hyperliquid ETPs.
The fund is designed to give investors exposure to HYPE, the native token of the Hyperliquid protocol, while also capturing staking rewards through participation in the network’s staking process.
Earned staking rewards, net of fees and expenses, may be reflected in the fund’s net asset value. HYPE staking rewards have historically averaged about 2.2% per year, according to Grayscale.
HYPG enters a category that already has two competing products. 21Shares listed its Hyperliquid ETF (THYP) on Nasdaq in May with a 0.30% fee, while Bitwise launched its Hyperliquid ETF (BHYP) on the NYSE with a 0.34% sponsor fee, waived to 0% for the first month on the fund’s first $500 million in assets.
Grayscale’s product is not registered under the Investment Company Act of 1940 and is therefore not subject to the same regulations as 40 Act registered ETFs.
Anchorage Digital Bank N.A. serves as the fund’s digital asset custodian, with BNY as fund administrator.
