Grayscale launches HYPG Hyperliquid ETF, HYPE continues to defy BTC weakness

American asset management company Grayscale has launched its long-awaited Hyperliquid staking ETF (HYPG) on Nasdaq, while charging a 0.29% fee that officially makes it the cheapest U.S. listed HYPE ETF.

This comes amid the HYPE token’s record highs, regardless of Bitcoin’s market stumble over the past few weeks.

Grayscale HYPG third HYPE ETF in three weeks

HYPG is the third Hyperliquid ETF product launched for U.S. markets in less than a month. 21Shares debuted its fund (THYP) on Nasdaq on May 12 with a 0.30% fee. Bitwise followed with its own BHYP ETF launch three days later on the New York Stock Exchange, initially waiving fees entirely before stepping up to 0.34% upon the end of the promotional window.

Grayscale’s 0.29% fee comes in as the lowest among all these other HYPE ETFs, according to the firm’s announcement.

These consecutive launches within a short time of each other reflect a fee war playing out in real time. The fee difference between the Grayscale and 21Shares ETFs is almost negligible, however, it still signals that these ETF issuers see enough demand to compete aggressively for early market share.

HYPG as an asset

Unlike a plain, regular, crypto ETF that simply holds a token, HYPG participates in Hyperliquid’s staking mechanism. Staked HYPE helps to secure the network, and the rewards earned after fees and expenses flow into the ETF’s net asset value. Grayscale cited a historical average staking yield of roughly 2.2% per year, according to data from stakingrewards.com covering May 2025 through April 2026.

HYPE surges, Bitcoin falls

HYPE hit a record near $76 earlier this week and traded just 3% of that level today at about $72 at the time of writing, according to TradingView data. Over the same stretch, Bitcoin was sliding below $67,000, almost 3% in 24 hours.

The recently launched HYPE ETFs have captured this momentum perfectly. THYP gained about 75% since its May 12 debut, and BHYP has risen by approximately 60% from its May 15 listing, per Stocktwits data. Hyperliquid-linked ETFs pulled in more than $132 million in cumulative net inflows during May, a period when both Bitcoin and Ether ETFs experienced record outflows, the total opposite.

HYPE’s market capitalization now sits around $16.1 billion, enough to push past Dogecoin (DOGE) and into 9th on the list of the top 10 cryptocurrencies by market value.

Hyperliquid’s growth and why

Hyperliquid launched in 2024 as a decentralized perpetual futures exchange and has since expanded into smart contracts, tokenized assets, and wider on-chain market infrastructure. The protocol generated about $857 million in revenue during 2025, according to Grayscale’s press release.

Almost 99% of this revenue was, however, directed toward HYPE buybacks, a model that ties network usage directly to the HYPE token’s value.

“The launch of HYPG on Nasdaq reflects our conviction that Hyperliquid represents something genuinely differentiated in the digital asset landscape, a protocol built to support onchain trading and market activity at scale,” Krista Lynch, Grayscale’s senior vice president of capital markets, said in the company’s announcement.

Retail interest has also surged alongside institutional adoption. Stocktwits data showed the number of traders following HYPE increased more than 1,600% over the past seven days, with sentiment on the platform registering as “extremely bullish.”

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