Grayscale, hyperliquid announced that it opened its new focused stock market investment product for trading on Nasdaq. Grayscale Hyperliquid Staking ETF, listed under the code HYPG, stood out as the lowest-cost option among similar Hyperliquid products traded in the US, with a 0.29 percent sponsor fee. This development pointed out a new fee competition in HYPE-themed investment vehicles.
Wage competition has gained momentum
According to the company’s statement, HYPG launched with a fee structure that is below rival Hyperliquid funds offered by 21Shares and Bitwise. 21Shares’ Hyperliquid ETF, codenamed THYP, started trading on Nasdaq on May 12 with an expense ratio of 0.30 percent. Bitwise launched its BHYP product on the New York Stock Exchange three days later. Although BHYP is offered with a 0 percent fee in its first month, this rate will later increase to 0.34 percent.
This chart makes Grayscale’s 0.29 percent fee the lowest permanent rate of the three products under normal circumstances. Thus, it appears that the first meaningful price competition has begun in Hyperliquid-related investment products.
Staking detail came to the fore in the fund structure
HYPG differs from classic crypto funds that aim to hold only the HYPE asset. Grayscale stated that in addition to providing exposure to HYPE, this fund will also participate in the staking process of the network. Thus, the aim is for investors to receive a share of staking rewards through the ETF structure.
Mini glossary: Staking is a method of locking assets for a certain period of time to contribute to the security and transaction verification of a blockchain network. In this process, users or relevant product structures can obtain rewards within the framework of network rules.
Grayscale stated that HYPE staking returns have historically averaged 2.2 percent annually. However, this rate is not fixed and may change depending on network conditions and market dynamics.
Krista Lynch, senior vice president of capital markets at Grayscale, stated that HYPG’s listing on Nasdaq reflects their belief that Hyperliquid offers a differentiated structure in the digital asset space, and that the protocol is designed to support on-chain trading and market activities at scale.
Why is interest in Hyperliquid increasing?
Hyperliquid initially stood out as a decentralized perpetual futures trading platform. Over time, it has evolved into a broader blockchain ecosystem supporting smart contracts, tokenized assets, and new financial markets. This structure is among the key elements that increase interest in the protocol behind the HYPE token.
According to the information provided by Grayscale, the protocol generated approximately $857 million in revenue through 2025. The company also reported that approximately 99 percent of protocol fees are directed to token buybacks. According to its supporters, this mechanism directly links network usage to HYPE’s accumulation of value.
The direction of corporate attention is changing
The launch of HYPG is considered a new sign that institutional investors are not limited to Bitcoin and Ether. It is stated that there is increasing interest in crypto infrastructure projects that generate income and have features similar to traditional financial networks. Hyperliquid’s continuous growth in futures transactions and expansion into different financial products are among the headlines that support this approach.
