Grayscale filed a 424B3 prospectus supplement for its Hyperliquid Staking ETF on June 24, registering new shares for a fund already trading on Nasdaq as HYPG since June 3. A 424B3 supplements an already-effective registration; HYPG carries a 0.29% sponsor fee, the lowest stated rate among the three US spot HYPE products.
Three US-listed products tracking the HYPE token now compete in a market that opened six weeks ago. 21Shares' THYP launched on Nasdaq on May 12 at 0.30%. Bitwise' BHYP opened on NYSE Arca on May 15 at 0.34%, with the first month at 0%.
| ETF | Issuer | Exchange | Fee | Launched |
|---|---|---|---|---|
| THYP | 21Shares | Nasdaq | 0.30% | May 12 |
| BHYP | Bitwise | NYSE Arca | 0.34%* | May 15 |
| HYPG | Grayscale | Nasdaq | 0.29% | June 3 |
*0% first month
Combined net inflows into all three products reached $153M through June 16, with no net-outflow days since launch. The peak single-day total was $25.5M on May 20, per Crypto Briefing.
Hyperliquid's 30-day protocol revenue stands at $63.01M and 30-day fees at $79.77M per DefiLlama as of June 24, placing it above Ethereum in cross-chain revenue rankings. Hyperliquid routes 99% of trading fees into a fund that buys back HYPE tokens, tying protocol usage directly to token supply.
ETF inflows measure brokerage demand for HYPE exposure, not on-chain activity; the two can diverge.
Durable weekly inflows after BHYP's first-month fee waiver expires would confirm structural demand. A flow plateau at that date, or a reversal in Hyperliquid's protocol revenue, would suggest the opening rush was promotional-fee-driven, not fundamental.
