HYPE hits record high as SEC approves Grayscale Hyperliquid ETF

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HYPE hits record high

Highlights

Grayscale’s Hyperliquid Staking ETF registration became effective on June 2.
The ETF is expected to trade on Nasdaq under the ticker HYPG.
HYPE hit a new high near $75.30 as ETF momentum strengthened.

Grayscale ETF moves toward launch

The SEC’s notice shows the Grayscale Hyperliquid Staking ETF registration became effective at 4 p.m. ET on June 2. Grayscale also filed a final prospectus outlining the fund’s structure, investment objective, fees, and staking framework.

According to CoinMarketCap, the prospectus says the trust will hold HYPE, the native token of the Hyperliquid Network, and is designed to give investors exposure to the token through shares listed on Nasdaq. The fund’s objective is to reflect the value of HYPE held by the trust, including HYPE earned from staking if the required conditions are satisfied.

The SEC filing also states that Nasdaq has approved the shares for listing under HYPG. Still, the prospectus notes that the SEC has not approved or disapproved the securities or passed on whether the prospectus is accurate or complete, a standard legal warning for registered offerings.

Staking, fees and seed capital

Grayscale set the fund’s sponsor fee at 0.29% of net asset value, paid in HYPE. The prospectus also says the sponsor is in discussions with Hyper Holdings Global LP over a possible contribution of about 2 million HYPE tokens, though the arrangement is not binding.

Staking is central to the product’s appeal. If implemented, the trust expects to stake HYPE and distribute staking proceeds, net of expenses, at regular intervals. The filing says the sponsor’s staking fee, custodian fee and staking provider share would total 25% of gross staking consideration generated under the staking arrangements.

HYPE tests ETF demand in a weak crypto market

HYPE’s rally is entering a deeper price-discovery phase, with little clear resistance above recent highs. That momentum stands out because the broader crypto ETF market is showing weakness: Bitcoin funds have recorded nearly $3 billion in redemptions across 10 trading sessions, while Ether ETFs have extended a 14-day outflow streak.

The contrast makes Hyperliquid one of the few crypto assets still attracting strong attention. Its platform growth, rising trading activity, and Grayscale’s ETF push have helped HYPE separate from broader market weakness, but the next test is whether institutional demand turns into sustained inflows after launch.

It was earlier reported that HYPE surge drives Hyperliquid into the crypto spotlight.

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