Grayscale has brought on BitGo Bank & Trust to serve as an additional custodian for the HYPE tokens that back its Hyperliquid staking product, scaling up custody arrangements for a trust valued at approximately USD 217.8 million. The update went into effect on September 30 and was disclosed in an October 5 Form 8-K filing. At the same time, the Grayscale Hyperliquid Staking ETF—trading under the ticker HYPG—maintains a staking rate of roughly 89% to 91% for its HYPE holdings.
BitGo Joins HYPG Custody Structure
BitGo is now operating as a secondary custodian alongside Anchorage Digital Bank, providing the trust with an extra custody choice for its HYPE assets. This move introduces another provider while Grayscale keeps the vast majority of the trust’s HYPE actively staked.
HYPG began trading on Nasdaq on June 3. That debut came after the SEC declared its registration effective on the preceding day. In late May, Grayscale changed the fund’s name from the Grayscale HYPE ETF.
This vehicle emerged as the third prominent U.S. spot HYPE product to hit the market. Distinct from a mutual fund, HYPG functions as a grantor trust rather than being governed by the Investment Company Act of 1940.
Consequently, shareholders in HYPG possess fractional shares of the trust’s HYPE holdings instead of holding the digital tokens directly. Because of this setup, investors do not benefit from every safeguard provided to funds regulated under the Investment Company Act.
According to Grayscale, HYPG stakes about 89% to 91% of its tokens. Recent gross staking rewards hovered around 2.26%, while net staking yields landed near 1.69% after accounting for fees and expenses.
This revenue from staking boosts the trust’s net asset value and funds monthly distributions. Upon its introduction, HYPG featured a management fee of 0.29%, which is the lowest among all U.S. spot HYPE funds mentioned.
HYPG Holds 2.31 Million HYPE Tokens
As of October 6, HYPG held roughly 2.31 million HYPE tokens and oversaw approximately USD 217.75 million in assets. Grayscale also noted that there were 6.54 million shares outstanding.
The net asset value hovered around USD 33.30 per share, while the market price hovered close to USD 33.35. Daily trading volumes have fluctuated from tens of thousands up to the low hundreds of thousands of shares.
Capital inflows have experienced fluctuations since the June rollout, though the trust has consistently brought in fresh money. Staking introduces another variable, seeing as locked HYPE can occasionally be kept from being transferred or sold immediately.
The trust’s holdings account for under 1% of the total circulating supply of Hyperliquid tokens at the listed market price. On October 6, HYPE had a circulating supply of roughly 250.6 million tokens.
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HYPE Rises as ETF Competition Builds
HYPE was valued at USD 93.60 on October 6 following a 3.74% rise over a 24-hour window. The digital asset had climbed past USD 95 before dropping back a portion of those gains.
Its market capitalization sat at USD 23.45 billion—an increase of 3.69%—while the 24-hour trading volume surged 123.2% to reach USD 1.18 billion. Its fully diluted valuation touched USD 89.01 billion. Two competing HYPE funds also offer a baseline for comparison against HYPG. The 21Shares Hyperliquid Staking ETF, listed as THYP, debuted around May 12 with a 0.30% fee.
THYP manages about USD 93 million in assets. In comparison, the Bitwise Hyperliquid ETF (BHYP) debuted in mid-May and carries a fee of roughly 0.34%, holding nearly USD 203 million alongside about 2.18 million HYPE.
Combined, these three spot funds oversee about USD 478 million. That sum represents nearly 2% of HYPE’s total market capitalization based on the figures provided.
Additional market participants include the 21Shares 2x Long HYPE ETF (TXXH) and the treasury firm Hyperliquid Strategies (PURR). Rivalry across the sector now involves management fees, custody setups, staking performance, and asset expansion.
Upcoming capital flows will additionally rely on token unlocks, competition among perpetual futures platforms, and the regulatory oversight applied to perpetual exchanges. HYPG steps into this landscape with BitGo integrated into its custody framework and roughly 90% of its HYPE currently committed to staking.
Final Thoughts
Grayscale’s HYPG now utilizes BitGo alongside its prior custodians while overseeing roughly USD 217.8 million and keeping close to 90% of its HYPE staked. With HYPE trading near USD 93.60, competition amongst U.S. investment products focuses on fees, staking returns, custody solutions, and asset growth as the sector continues to evolve.
