The Grayscale Hyperliquid Staking ETF is a proposed spot exchange-traded fund filed by Grayscale Investments to provide investors with direct exposure to HYPE, the native token of the Hyperliquid network. Structured as a Delaware statutory trust formed on January 8, 2026, the fund is designed to list on the Nasdaq stock exchange under the ticker symbol HYPG. While the filing includes a "Staking Condition" that could allow staking rewards in the future, staking is currently prohibited for the fund.

Hyperliquid is a high-performance Layer 1 blockchain purpose-built for decentralized financial infrastructure. It operates the largest on-chain perpetual futures exchange by volume, supporting both perpetual futures and spot markets through a fully on-chain order book rather than an automated market maker model. The network processes up to 200,000 transactions per second via its HyperBFT consensus mechanism. HYPE has a maximum supply of one billion tokens, with approximately 299 million in circulating supply as of December 31, 2025.

The Grayscale Hyperliquid Staking ETF is not registered under the Investment Company Act of 1940. Coinbase Custody Trust Company, LLC serves as the fund's custodian, with Coinbase, Inc. as prime broker and The Bank of New York Mellon as administrator and transfer agent. CoinDesk's Benchmark pricing data is used for NAV calculations. The fund's management fee has not yet been disclosed. As with all crypto-based investment products, shares may trade at a premium or discount to net asset value, and investors face risks including digital asset price volatility, regulatory uncertainty, and potential loss of invested funds.