Grayscale Investments has advanced its plans to introduce a Hyperliquid exchange-traded fund, updating its SEC registration with a 0.29% sponsor fee and the ticker HYPG. The revised S-1 filing signals the asset manager is nearing the product’s launch, intensifying competition among firms vying for exposure to the HYPE market.
Bloomberg Intelligence analyst James Seyffart indicated on X that the Grayscale Hyperliquid Staking ETF could debut within the week, calling the move imminent after the latest amendment. The fund would be the third U.S.-listed ETF tied to Hyperliquid, following offerings from 21Shares and Bitwise.
Grayscale’s fee undercuts rivals: 21Shares charges 0.30% for its THYP fund, while Bitwise’s BHYP applies a 0% fee for the first month, then shifts to 0.34%. This pricing advantage may help Grayscale attract early assets as the fee race tightens.
21Shares launched its Hyperliquid ETF on Nasdaq on May 12 under THYP, along with a 2x leveraged version (TXXH). Within days, THYP drew over $5 million in inflows, according to 21Shares research head Eli Ndinga. He attributed the demand to investor appetite for 24/7 crypto market access, noting Hyperliquid priced geopolitical events during off-hours when traditional venues were closed.
HYPE-linked ETFs have accumulated more than $132 million in net inflows over the past month, reflecting strong institutional interest. Hyperliquid, a decentralized derivatives exchange, allows trading of on-chain perpetual futures. Its native token HYPE holds a market cap around $16.1 billion, ranking among the top ten crypto assets. Perpetual futures differ from standard contracts as they have no expiration, enabling traders to gain price exposure without holding the underlying asset.