Grayscale HYPG ETF Buys Over $5M in HYPE in 48 Hours

Steady attention without excessive speculation.

According to Arkham’s June 5 post, the new exchange-traded product added the HYPE tokens within its first 48 hours. As a result, a brand-new institutional buyer is now active in the Hyperliquid market.

What Grayscale HYPG Is

HYPG is the Grayscale Hyperliquid Staking ETF, and it trades on Nasdaq under the ticker HYPG. The product is solely and passively invested in HYPE, the native token of the Hyperliquid blockchain.

Notably, the fund stakes 100% of its holdings. So investors get price exposure to HYPE plus the network’s staking rewards, which have historically run near 2.2% a year.

The structure matters here. HYPG is a Delaware statutory trust, and it is not registered under the Investment Company Act of 1940. In other words, it carries fewer investor protections than a traditional 1940 Act fund.

Grayscale set the gross sponsor fee at 0.29%. According to the company’s launch announcement, that is the lowest gross fee among U.S. HYPE products. By comparison, rivals 21Shares THYP and Bitwise BHYP both launched in May at higher fees.

The $5 Million HYPE Buy

At launch on June 3, the fund held only about 7,070 HYPE. That worked out to roughly $519,000 in assets across 20,000 shares, per Grayscale’s HYPG page.

So a $5 million buy is large next to that tiny starting base. The purchase represents roughly 70,000 to 80,000 HYPE, which dwarfs the initial seed.

Arkham attributes the flows to the Grayscale entity using wallet clustering and known counterparty patterns. However, the exact transaction hashes still sit inside Arkham’s platform. Secondary outlets have not published the full wallet addresses yet.

For context, Arkham also tracks Grayscale’s broader stack. The firm holds about 201,753 BTC, worth roughly $12.66 billion, plus about 299,517 ETH, worth around $500 million.

Inside Hyperliquid and the HYPE Token

Hyperliquid is a high-performance Layer 1 blockchain built for on-chain trading. It runs perpetual futures across more than 300 markets, plus spot trading.

The network has reached serious scale. According to community and protocol data, it has processed about $2.99 trillion in cumulative perpetuals volume since launch.

HYPE is the token that powers the system. Holders stake it to help secure the network, and they earn variable rewards in return. On top of that, the protocol recycles trading fees into the token through buybacks.

That design is central to the demand story. Every staked or bought-back token leaves the open market, so supply tightens as usage grows.

Why the Grayscale HYPG Buying Matters

The dollar figure is modest, yet the pattern is the real story. ETF share creation forces the fund to buy more of the underlying token. So steady demand for HYPG shares turns into steady demand for HYPE.

Meanwhile, HYPG is not the only institutional bid. Bitwise and 21Shares also run HYPE products, and together the three create a recurring, price-insensitive layer of buying.

On top of that, Hyperliquid keeps buying its own token. Community trackers have flagged more than $3.5 million in daily buybacks, plus large TWAP orders.

So the demand stacks. ETF inflows, protocol buybacks, and staking lockups all pull tokens out of circulation at once. Analysts on X framed the Arkham data as a structural signal rather than a one-off trade.

How Big Is $5 Million, Really

It pays to keep the size in perspective. HYPE carries a market cap near $13.7 billion, and it traded around $1.7 billion in daily volume on June 5.

Against those numbers, a $5 million buy is tiny. It also looks small next to Grayscale’s $12.66 billion in Bitcoin. So the purchase is unlikely to move the price on its own.

The token has also cooled recently. HYPE changed hands near $62 on June 5. That marks a drop from a launch-day benchmark near $73 and an all-time high around $75.50 set days earlier.

On-chain attribution always invites some skepticism. OTC flows are hard to label perfectly, and people have debated past “Grayscale wallets” before. Still, Arkham has a strong track record on large entities, and no party has disputed the claim.

What Comes Next for Grayscale HYPG

The open question is whether the buying keeps up. If HYPG share demand grows, then the fund will likely keep adding HYPE through routine creations.

Grayscale has not disclosed updated holdings since the buy, so the current HYPG asset total is not yet public. Realized net staking yield and any premium or discount to NAV also remain unclear for now.

For traders watching Hyperliquid, the takeaway is simple. A new, fee-leading institutional vehicle is accumulating the token, and the first 48 hours set a notable precedent.

This article is for information only and is not financial advice. Always do your own research before making any investment decision.