Grayscale has entered the U.S. Hyperliquid ETF market with a competitive edge, listing a Nasdaq-traded fund carrying a 0.29% sponsor fee — the lowest among current domestic offerings. The move directly challenges existing Hyperliquid ETF products from 21Shares and Bitwise, which carry higher fee structures. The launch signals growing institutional appetite for HYPE, the native token of the Hyperliquid decentralized exchange, as asset managers race to capture early market share in what remains a nascent product category. Fee competition among crypto ETF issuers has intensified since the approval of spot Bitcoin and Ethereum ETFs in the U.S., with sponsors using cost as a primary differentiator. Grayscale's entry could pressure rivals to reassess their pricing as investor demand for altcoin-linked ETF exposure continues to expand.
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