GRAYSCALE LAUNCHES HYPG HYPERLIQUID STAKING ETF ON NASDAQ AT 0.29% FEE UNDERCUTTING RIVALS AS THREE US HYPE PRODUCTS NOW COMPETE Grayscale launched the Grayscale Hyperliquid Staking ETF on Nasdaq on Wednesday under the ticker HYPG with a 0.29% sponsor fee, the lowest gross management fee among the three U.S.-listed Hyperliquid exchange-traded products now on the market, and the first to combine HYPE token exposure with active network staking to capture on-chain rewards. HYPG seeks to reflect HYPE staking rewards, which have averaged approximately 2.2% annually, after fees, through the fund’s net asset value, using staking proceeds to compounding returns for shareholders alongside core token price exposure. The 0.29% fee undercuts 21Shares’ THYP, which launched May 12 on Nasdaq at a 0.30% expense ratio, and Bitwise’s BHYP, which launched May 15 on NYSE at a promotional 0% fee that reverts to 0.34% after the first month, making HYPG the lowest normalized fee in the category. Grayscale seeded HYPG with approximately $115 million in HYPE tokens ahead of launch, giving it meaningful scale from day one. Hyperliquid generated approximately $857 million in protocol fees in 2025, with approximately 99% returned to the protocol via HYPE token buybacks, a structural feature Grayscale cited as a central rationale for the product. HYPE ranks as the tenth-largest cryptocurrency by market capitalization at approximately $15.8 billion. Cumulative net inflows into U.S.-listed Hyperliquid ETFs exceeded $132 million by late May 2026. Grayscale filed Amendment No. 3 for its Grayscale BNB ETF on the same day as HYPG’s launch, continuing a parallel altcoin ETF expansion. HYPG’s reference index is the CoinDesk Hyperliquid Benchmark Extended Rate, distinguishing it from THYP (FTSE Hyperliquid Index) and BHYP (CME CF Reference Rates). Grayscale holds approximately 25% of staking rewards as a performance fee. With HYPG, Grayscale, 21Shares, and Bitwise now each operate a U.S.-listed Hyperliquid product, making HYPE one of the few altcoins to attract multiple competing ETFs within weeks of its first product reaching U.S. markets. Hyperliquid’s high fee-revenue-to-market-cap ratio in DeFi and the rapid ETF product proliferation reflect institutional interest in capturing protocol yield through regulated wrappers.