Grayscale Adds BitGo as Custodian for Hyperliquid Staking ETF

Grayscale has updated its Form 8-K filing with the SEC to include BitGo Bank & Trust as an additional custodian for its Hyperliquid Staking ETF (HYPG), effective September 30, 2026. The fund, which trades under the ticker HYPG, now holds approximately $217.8 million in assets under management with 6.54 million shares outstanding as of October 5, 2026. The move to add BitGo as a custodian aims to diversify the fund’s custody setup, reducing reliance on a single provider.

HYPG charges a management fee of 0.29%, making it the lowest among US HYPE exchange-traded products. As of the latest data, approximately 88.66% of the fund’s assets are staked, generating average gross staking rewards of 2.26%. However, investors typically receive lower net yields after fees are deducted.

The Hyperliquid Staking ETF has a brief but eventful history. Originally launched as the Grayscale HYPE ETF, it was rebranded on May 26, 2026, to better align with Hyperliquid’s core branding. The SEC declared the fund effective on June 2, 2026, and trading began the next day on Nasdaq. Structurally, HYPG is a grantor trust, meaning investors hold an interest in the underlying HYPE tokens rather than shares in an operating company.

Grayscale is not the only player in this space. Competitors like 21Shares and Bitwise launched their own HYPE products, THYP and BHYP, respectively, in mid-May 2026, both charging a slightly higher management fee of 0.30%. The addition of BitGo as a custodian highlights the importance of spreading risk and ensuring the safekeeping and participation of staked tokens in network operations.