[DigitalToday reporter Yoonseo Lee] Asset manager Grayscale has listed the Hyperliquid-based staking exchange-traded fund (ETF) "HYPG" on Nasdaq.

On June 3 (local time), blockchain outlet Cryptopolitan reported the product charges a 0.29 percent fee, the lowest among HYPE spot ETFs listed on U.S. exchanges.

With the listing, the number of Hyperliquid spot ETFs launched in the U.S. market has increased to 3 over the past 3 weeks. 21Shares launched THYP on Nasdaq on May 12, with a 0.30 percent fee. Bitwise listed BHYP on the New York Stock Exchange (NYSE) on May 15, initially waiving fees before raising them to 0.34 percent. With similar products launched in quick succession, fee competition appears to be intensifying in the HYPE spot ETF market.

Unlike products that simply hold HYPE, HYPG participates in Hyperliquid staking. Staked HYPE is used for network security, and the resulting rewards are reflected in the ETF's net asset value after fees and expenses are deducted. Grayscale presented an average annual staking yield of about 2.2 percent based on data from StakingRewards.com from May 2025 to April 2026.

Market reaction was strong. HYPE rose to around $76 earlier this week to hit a record high and is still above about $74. Over the same period, bitcoin fell below $65,000 and is down about 3 percent on a 24-hour basis.

Returns of new ETFs also reflected HYPE's rise. Based on Stocktwits data, THYP has risen about 75 percent since its May 12 listing, and BHYP is up about 60 percent since its May 15 listing. In May alone, cumulative net inflows into Hyperliquid-linked ETFs exceeded $132 million. Over the same period, bitcoin and ether spot ETFs saw record fund outflows, diverging from the trend.

That shift in funds also coincided with an expansion in HYPE's market capitalisation. HYPE's market value grew to about $16.1 billion, overtaking Dogecoin (DOGE) to rank ninth among the top 10 cryptocurrencies by market capitalisation.

Behind this was Hyperliquid's business expansion. Hyperliquid started in 2024 as a decentralised perpetual futures exchange and then broadened into smart contracts, tokenised assets and on-chain market infrastructure. Revenue in 2025 was about $857 million, and almost 99 percent of that was allocated to HYPE buybacks. Over the past 7 days, the number of traders tracking HYPE on Stocktwits has increased by more than 1,600 percent.

Chrysta Lynch (크리스타 린치), senior vice president for capital markets at Grayscale, said Hyperliquid is a protocol that is meaningfully differentiated in the digital asset market. She cited as the background to HYPG's launch that it was designed to support large-scale on-chain transactions and market activity.

Amid these trends, the HYPE spot ETF market appears to be moving beyond a simple listing race to competition over fees and return structures. In particular, attention is focused on whether a structure that reflects staking rewards in an ETF's net asset value will draw more investment demand.

Learn more about $HYPG and see important disclosures: https://t.co/PPcMnZOd77 This information must be preceded or accompanied by a current Grayscale Hyperliquid Staking ETF ("HYPG or the "Fund") prospectus, which may be obtained by clicking below. Please read the prospectus…