Grayscale has launched its Hyperliquid Staking ETF on Nasdaq under the ticker HYPG, adding a third U.S.-listed HYPE exchange-traded product in less than a month and undercutting rivals on fees with a 0.29% charge. That compares with 21Shares’ THYP, which launched on Nasdaq on May 12 with a 0.30% fee, and Bitwise’s BHYP, which launched on the New York Stock Exchange on May 15 with a temporary 0% fee before moving to 0.34%. The fund is designed to hold HYPE while also participating in Hyperliquid’s staking mechanism, with staking rewards after fees and expenses flowing into the ETF’s net asset value. Grayscale cited a historical average staking yield of about 2.2% a year based on stakingrewards.com data covering May 2025 through April 2026. The launch comes as HYPE trades near record levels even as Bitcoin has weakened. HYPE reached a record near $76 earlier this week and was trading around $72, while Bitcoin slipped below $67,000 and was down almost 3% over 24 hours. HYPE-linked ETFs have also attracted demand, with THYP up about 75% since its debut and BHYP up about 60% from its listing, while Hyperliquid-linked ETFs drew more than $132 million in cumulative net inflows during May. Hyperliquid launched in 2024 as a decentralized perpetual futures exchange and has since expanded into smart contracts, tokenized assets and broader on-chain market infrastructure. Grayscale said the protocol generated about $857 million in revenue during 2025, with almost 99% of that directed toward HYPE buybacks, a structure that ties network activity to the token’s value. HYPE’s market capitalization stands around $16.1 billion, enough to overtake Dogecoin and rank ninth among cryptocurrencies by market value.