Custody
Grayscale Appoints BitGo as Custodian for Hyperliquid Staking ETF
Grayscale has filed a Form 8-K with the SEC regarding its Hyperliquid Staking ETF, trading under the ticker HYPG. The filing, dated October 5, 2026, indicates that BitGo Bank & Trust has been appointed as an additional custodian for the fund’s HYPE holdings, effective September 30, 2026.
The 8-K filing serves to notify the SEC of material events occurring between regular quarterly and annual reports. This amendment allows BitGo to hold a portion of the trust’s HYPE alongside the existing custody framework. As of October 5, 2026, HYPG reported approximately $217.8 million in assets under management, with 6.54 million shares outstanding and a management fee of 0.29%, the lowest among US HYPE exchange-traded products at its launch.
Currently, about 88.66% of the fund’s assets are staked, yielding average gross staking rewards of 2.26%. However, net returns for investors may be lower after fees are deducted. The fund, which initially launched as the Grayscale HYPE ETF, was renamed on May 26, 2026, to align more closely with Hyperliquid’s branding.
Grayscale is not alone in the HYPE product space, as competitors like 21Shares and Bitwise have also introduced their own HYPE offerings. The competitive landscape is characterized by similar management fees, with Grayscale's being slightly lower.
Utilizing multiple custodians can mitigate reliance on a single provider, which is crucial given the fund's focus on a single token. With a high staking ratio, the fund’s tokens are actively generating rewards, although the volatility of HYPE’s price poses risks to investors.
FAQ
What is the Hyperliquid Staking ETF?
The Hyperliquid Staking ETF, trading under the ticker HYPG, is an exchange-traded fund launched by Grayscale that focuses on staking HYPE tokens. It aims to provide investors with exposure to staking rewards while managing the associated risks.
Who is the custodian for the Hyperliquid Staking ETF?
BitGo Bank & Trust has been appointed as an additional custodian for the Hyperliquid Staking ETF's HYPE holdings, effective September 30, 2026.
What are the management fees for the Hyperliquid Staking ETF?
The Hyperliquid Staking ETF has a management fee of 0.29%, which is the lowest among US HYPE exchange-traded products at its launch.
What percentage of the fund's assets are currently staked?
As of October 5, 2026, approximately 88.66% of the fund's assets are staked, yielding average gross staking rewards of 2.26%.
How does the competitive landscape look for HYPE products?
Grayscale is not alone in the HYPE product space; competitors like 21Shares and Bitwise have also introduced their own HYPE offerings. The management fees among these products are generally similar, with Grayscale's being slightly lower.