Grayscale has officially launched the Grayscale Hyperliquid Staking ETF (HYPG) on Nasdaq, featuring a competitive 0.29% sponsor fee, the lowest among U.S. Hyperliquid ETFs. This new fund aims to provide investors with exposure to the HYPE token while also generating additional returns through staking, which historically averages around 2.2% annually. The introduction of HYPG comes amid increasing institutional interest in Hyperliquid, a decentralized finance protocol that has expanded from perpetual futures trading to a broader blockchain ecosystem. In 2025, Hyperliquid reportedly generated about $857 million in revenue, highlighting its potential as a key player in on-chain market infrastructure. Grayscale's launch of HYPG reflects a growing trend where institutional investors are looking beyond traditional cryptocurrencies like Bitcoin and Ether, seeking opportunities in innovative financial products that resemble established financial networks. Krista Lynch, Grayscale's senior vice president of capital markets, noted the differentiated nature of Hyperliquid in the digital asset space.