Grayscale's HYPE ETF Could Launch This Week with 0.29% Fee

On June 2, Grayscale amended its Hyperliquid ETF filing for the sixth time. The update added a ticker (HYPG) and a management fee of 0.29% per year. Bloomberg ETF analyst James Seyffart said the launch is "likely imminent" and that he is expecting it this week.

What's in the Updated Filing and When Does It Launch?

Six amendments total. Each round brought the registration closer to completion, and the latest added the two details regulators need before trading begins: the ticker symbol HYPG and the annual fee of 0.29%. Seyffart posted on X that the expected timeline is this week.

Like its competitors, HYPG would let investors buy exposure to HYPE through a standard brokerage account, with no need to self-custody the token. The fund also plans to stake HYPE to generate yield from the network, following the same approach as the two rival products already trading.

What Is Hyperliquid and Why Does It Need Three ETFs?

Hyperliquid is a decentralized trading platform for crypto perpetuals and spot assets. The platform processes over $170 billion in monthly trading volume, putting it among the most active on-chain venues in the industry.

HYPE is the network's native token. Holders earn a share of trading fees, can stake to participate in network consensus, and vote on protocol development. That staking component is what makes a HYPE ETF more interesting than a plain spot fund: investors get both price exposure and a yield stream from staking rewards.

21Shares and Bitwise launched similar products in mid-May and have together pulled in roughly $140 million in net inflows. HYPE hit a new all-time high of $75.30 on June 2 as a result, pushing its market cap above $16.7 billion and into tenth place among all cryptocurrencies.

Why Does 0.05% in Fee Difference Matter?

At first glance, 0.29% versus 0.30% seems trivial. In the ETF industry, fractions of a percent determine which fund large institutional buyers choose. On $100 million in assets, the gap between 0.29% and 0.34% works out to $50,000 per year in fees alone.

Here is how the three competing products compare:

• Bitwise HYPE ETF: 0.34% fee, launched mid-May
• 21Shares HYPE ETF: 0.30% fee, launched mid-May
• Grayscale HYPG: 0.29% fee, expected launch this week

All three funds include HYPE staking to pass yield through to investors. Grayscale is entering later but with a sharper price point.

How Does This Fit the Broader ETF Picture?

The HYPG launch is happening while the wider crypto ETF market faces headwinds. US Bitcoin ETFs have posted net outflows for ten straight trading days, totaling roughly $3 billion. US Ethereum ETFs are on a 14-day net outflow streak as investors cut positions faster than new capital enters.

HYPE ETFs are moving in the opposite direction, with $140 million in combined net inflows since 21Shares and Bitwise launched. That suggests demand specifically for Hyperliquid exposure, separate from broader market sentiment. Grayscale joining with the lowest fee could accelerate that trend, or at least redirect a portion of new capital from the two existing products toward HYPG.