What to know:
- Hyperliquid ETF filing adds HYPG ticker and a 0.29% sponsor fee for Grayscale’s fund.
- Grayscale’s fee sits below 21Shares’ THYP and Bitwise’s BHYP after its fee waiver.
- Seyffart expects to launch this week as HYPE-linked ETF competition expands in the US.
Grayscale moved closer to listing its Hyperliquid ETF after updating its SEC registration filing on Monday. The amended S-1 added a 0.29% sponsor fee and the proposed HYPG ticker. The update came as issuers compete for HYPE-linked fund demand.
The Hyperliquid ETF filing covers the Grayscale Hyperliquid Staking ETF and gives more details on its structure. It also specifies the trading symbol as HYPG. With the amendment, Grayscale is one step closer to a U.S. launch, even if trading will still rely on the regulatory process.
Also Read: CFTC Launches Improved Filing System for Product Self-Certifications
Grayscale Hyperliquid ETF Fee Falls Below Rivals
The amended registration statement indicates that the proposed Hyperliquid ETF will impose a sponsor fee of 0.29%. That fee is below the 0.30% charged by 21Shares’ THYP. It is also lower than Bitwise’s BHYP after its first month, when the fee rises from 0% to 0.34%.
Bloomberg Intelligence ETF analyst James Seyffart said in a Monday X post that he expects the Hyperliquid ETF to launch this week. He said the latest amendment is an indicator that trading may be near. Grayscale has not listed a final launch date in the provided filing details.
If launched, the Hyperliquid ETF would become another U.S.-listed HYPE fund, following products from 21Shares and Bitwise. The lower fee may provide Grayscale with a pricing advantage for its issuers looking for early assets.
The Hyperliquid ETF, which trades on Nasdaq under the ticker THYP, was launched by 21Shares on May 12. The company also launched a 2x leveraged version under TXXH. Previous reports indicated that THYP raised over $5 million in the first days after its launch.
Hyperliquid’s 24/7 Trading Role Draws ETF Interest
Eli Ndinga, global head of research at 21Shares, said the early demand showed interest in continuous crypto market access. He also stated that Hyperliquid had anticipated the impact of the Iran shock 48 hours earlier than traditional venues. His comments pointed to the protocol’s role in 24/7 trading while CME markets were closed.
Hyperliquid has grown into a major venue for crypto derivatives traders in recent months. According to blockchain data, it processes monthly trading volume of over $211 billion across multiple asset classes. On-chain perpetual futures trading is available on the platform.
Perpetual futures do not expire like traditional futures contracts. They are used by traders to speculate on price movements without taking actual ownership of the asset.
HYPE, the native token behind Hyperliquid ETF, had a market value of about $18.78 billion and ranked ninth by market capitalization, according to CoinMarketCap.
Also Read: Grayscale Files Fifth Amendment for Proposed Hyperliquid ETF
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