Editor’s note: This article was updated to add the correct ticker for Grayscale Hyperliquid Staking ETF.
Grayscale Investments said its exchange-traded fund tracking the price of the Hyperliquid (CRYPTO: HYPE) token will begin trading on Wall Street starting Wednesday.
HYPE Grows On Wall Street
The Grayscale Hyperliquid Staking ETF will list on the Nasdaq Stock Exchange under the ticker HYPG.
The fund offers exposure to HYPE's price performance—a token boasting a market capitalization of over $18 billion—as well as potential staking rewards that have historically averaged between 2.2% and 2.3% annually.
The ETF offers a competitive gross management fee of 0.29%, below that of current HYPE-linked funds on Wall Street.
Grayscale is the world’s largest cryptocurrency-focused asset manager and a subsidiary of Barry Silbert-founded Digital Currency Group. Last year, Silbert returned as Chair of Grayscale’s board.
HYPE Defies Crypto Bear Market
HYPE continues to enjoy robust institutional interest following the launch of 21Shares Hyperliquid ETF (NASDAQ:THYP) and Bitwise Hyperliquid ETF (NYSE:BHYP), which have together drawn more than $136 million in net inflows, according to SoSo Value.
Additionally, around 1% of HYPE’s total market capitalization is heldin these funds.
HYPE token holders gain utility through governance rights and discounts on trading fees on the Hyperliquid, a decentralized perpetual futures platform. The token also plays a crucial role in securing the network through staking.
Price Action: At the time of writing, HYPE was exchanging hands at $72.49, down 1.93% over the last 24 hours, according to data from Benzinga Pro.
Year-to-date, the token has surged more than 180%, shrugging off declines in blue-chip assets such as Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).
Photo: 24k-Production/Shutterstock
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