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Grayscale Advances Hyperliquid ETF With New HYPG Filing

Key Highlights

  • Grayscale has filed its fourth amendment for the Hyperliquid Staking ETF ($HYPG).
  • The ETF will give investors indirect exposure to HYPE and may include staking rewards if approved.
  • Competition is growing, with Bitwise and 21Shares already launching Hyperliquid ETFs, attracting over $118M in total assets.

Grayscale, a company that manages investments, is getting closer to launching a new exchange-traded fund (ETF) called the Hyperliquid ETF. They recently filed an updated proposal with the U.S. Securities and Exchange Commission (SEC).

The company filed an update today, marking the fourth time it has revised its plans for the proposed ETF. If approved, the ETF is expected to trade on the Nasdaq stock exchange under the symbol “HYPG.”

How the ETF works

This ETF allows investors to gain access to HYPE through standard stock exchanges, without needing to buy or manage the token itself.

The fund recently updated its name on May 26th, as documented with the state of Delaware. It’s structured to reflect the value of HYPE tokens held by the trust for each share, and may also include any rewards earned through staking if that feature is enabled.

These benefits will boost the value supporting each share, after accounting for any fees or costs. The official documents state that shares don’t give you direct ownership of HYPE itself, but rather a way to invest in it indirectly through a regulated financial product.

Grayscale Investments is the sponsor of this trust. CSC Delaware Trust Company will be the trustee, handling the overall management. The Bank of New York Mellon will manage the transfer of ownership and administration, while Anchorage Digital Bank N.A. will securely hold the assets. West Capital Advisors LLC is anticipated to offer consulting services for the Hyperliquid platform.

Early seed funding amid debut on Nasdaq

The application process has already received some initial funding. Grayscale Investments reportedly put in $100 on April 22nd to establish a small number of test shares and verify the system, and these shares will likely be bought back before the official launch.

The filing also notes potential negotiations with Hyper Holdings Global LP, an investment firm. They might receive company shares in return for approximately 2 million HYPE tokens. However, this deal isn’t finalized and could be altered or cancelled as discussions continue.

Bitwise and 21Shares heat up HYPE ETF race

If given the green light, Grayscale would be among a growing number of companies offering Hyperliquid products.

Bitwise Asset Management recently introduced the Bitwise Hyperliquid ETF (BHYP), which started trading on the New York Stock Exchange on May 15th. Like Grayscale’s offerings, this product allows investors to easily gain exposure to Hyperliquid without the hassle of directly holding or managing the tokens themselves.

Meanwhile, 21Shares launched its THYP ETF on Nasdaq, along with a 2x Long HYPE ETF. This increases the options for both standard and leveraged investment products connected to Hyperliquid, all available on regulated exchanges.

Data from SosoValue shows these ETFs currently have about $118.97 million in total assets. As of May 27th, the funds experienced an inflow of around $3.40 million. Bitwise led with approximately $45.73 million in inflows, closely followed by 21 shares with $45.75 million.

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2026-05-28 18:30