Grayscale’s Hyperliquid ETF (HYPG) Expected to Drop This Week

Grayscale Investments is reportedly set to launch its Hyperliquid ETF (ticker: HYPG) this week, according to Bloomberg ETF analyst James Seyffart. The firm amended its regulatory filing for the sixth time, finalizing a 0.29% management fee and securing what could be a competitive advantage over existing Hyperliquid ETFs.

The HYPG ETF will offer spot exposure to HYPE, the native token of the Hyperliquid blockchain, a Layer-1 protocol specializing in decentralized perpetual futures and spot trading. HYPE has become a heavyweight in the crypto ecosystem, boasting a market cap of $16.7 billion as of June 1, 2026, and ranking as the 10th largest cryptocurrency. The token hit an all-time high of $75.3 on Monday, fueled by investor demand and inflows into similar ETFs.

Grayscale’s move follows earlier launches by Bitwise and 21Shares, whose Hyperliquid ETFs debuted in mid-May with fees of 0.34% and 0.3%, respectively. Together, these funds have attracted nearly $140 million in net inflows, signaling robust institutional interest in HYPE. By pricing its ETF slightly below competitors, Grayscale aims to carve out a slice of this growing market.

The ETF structure is particularly attractive to investors, offering direct exposure to HYPE alongside staking capabilities. Grayscale plans to stake the underlying tokens to generate additional yield, a feature that has become a key differentiator in the increasingly competitive crypto ETF space. Bitwise and 21Shares also employ similar staking strategies in their funds, which enhance returns via on-chain validator rewards.

Hyperliquid itself has proven a magnet for traders, consistently facilitating over $170 billion in monthly trading volume across various asset classes. The protocol’s focus on high-speed transactions and perpetual futures has positioned it as a go-to platform in decentralized finance (DeFi).

Grayscale’s timing couldn’t be more pivotal. While Hyperliquid-related products are thriving, U.S.-listed Bitcoin (BTC) and Ether (ETH) ETFs are seeing significant outflows. Bitcoin ETFs have bled nearly $3 billion over the past 10 days, with Ether ETFs following a 14-day net outflow streak. The shift suggests a rotation of capital toward emerging Layer-1 tokens like HYPE, as investors diversify beyond legacy crypto assets.

Grayscale initially filed for the Hyperliquid ETF in March 2026 and has since made multiple amendments, including a custody shift from Coinbase to Anchorage Digital and a transfer agency agreement with BNY Mellon. By finalizing the ticker and fee, the firm appears ready to capitalize on the momentum surrounding Hyperliquid and its native token.

As institutional interest in DeFi and Layer-1 protocols grows, Grayscale’s HYPG could become a bellwether for the next wave of crypto ETFs. All eyes are now on the fund’s imminent launch, which could further cement HYPE’s position as a top-tier crypto asset.

Image source: Shutterstock